President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to design and coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
The Taskforce will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of FATE Foundation. As chairman, Adeola will oversee the activities of the group and ensure the timely execution of its mandate.
Other members of the Taskforce include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella, while Mofoluwasho Fadayomi will serve as secretary.
According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Taskforce is a time-bound, high-level executive working group established to produce execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector, and strengthening Nigeria’s position as a global energy investment destination.
The statement explained that the initiative reflects the President’s commitment to transforming the country’s petroleum industry into a more competitive, transparent and value-driven sector capable of supporting long-term economic growth, macroeconomic stability and industrial development.
Unlike a representative committee, the Taskforce will operate as a technical reform body, engaging industry operators, regulators, investors and civil society organisations as consultees while focusing primarily on actionable policy design and implementation strategies.
The Taskforce will report directly to the President and submit monthly progress memoranda. An interim report is expected within three months, while the final report is to be delivered within six months of its inauguration.
Among its key assignments, the Taskforce is expected to produce three major reform blueprints. The first is an Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments and proposals for institutional restructuring.
The second deliverable is a Capital and Liquidity Acceleration Blueprint aimed at unlocking between $5 billion and $10 billion in sectoral liquidity while protecting Nigeria’s sovereign interests.
The third blueprint will focus on a National Energy Transformation Strategy, a ten-year roadmap designed to set measurable targets for oil and gas production, foreign exchange earnings, contribution to gross domestic product and overall cost competitiveness.
President Tinubu has directed all ministries, departments, agencies, regulators and relevant institutions to provide full technical support to the Taskforce and submit inventories of ongoing initiatives to ensure alignment with the new reform framework.
He also ordered that all existing committees, teams and working groups operating under various petroleum sector reform initiatives align their activities and reporting structures with the Taskforce to ensure coordination and prevent duplication of responsibilities.
The President further directed that all relevant documentation, institutional knowledge and ongoing workstreams be made available to the Taskforce to support the development and implementation of a comprehensive reform framework.
According to the presidency, the establishment of the Taskforce represents a strategic step to accelerate petroleum sector reforms, strengthen governance structures and optimise Nigeria’s energy assets in a way that supports sustainable economic transformation.
The Taskforce will automatically dissolve upon submission and acceptance of its final report by the President.
