President Bola Ahmed Tinubu has approved the establishment of a new Presidential Petroleum Reform & Value Optimisation Taskforce.
The panel is tasked with designing the next phase of structural reforms aimed at enhancing transparency, attracting investment, and maximizing the sector’s contribution to the national economy.
A statement issued on Friday by the Special Adviser to the President on Information & Strategy, Bayo Onanuga, named Mr. Fola Adeola as the chairman of the task force.
Adeola, a renowned financial expert and co-founder of Guaranty Trust Bank, also serves as the founder and chairman of the Fate Foundation.
He will be responsible for coordinating the group’s work and ensuring the timely delivery of its mandate.
The task force comprises a mix of experts from the private sector and the petroleum industry. Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella. Mofoluwasho Fadayomi has been appointed to serve as the secretary.
According to the statement, the task force is a time-bound, executive working group created to produce execution-ready reform blueprints. Its primary objectives are to consolidate ongoing reforms, unlock significant capital within the sector, and strengthen Nigeria’s position as a leading global energy investment destination.
“The initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development,” the statement read.
The statement clarified that the body will operate as a technical reform panel rather than a representative committee. It will engage with industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.
The task force is expected to deliver three major reform blueprints within six months. The first is an Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments, and institutional restructuring proposals.
The second is a Capital & Liquidity Acceleration Blueprint aimed at unlocking between $5 billion and $10 billion in sectoral liquidity. The third deliverable is a National Energy Transformation Strategy, a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.
To ensure the success of the initiative, President Tinubu has directed all relevant Ministries, Departments, and Agencies (MDAs) to provide full technical support to the task force.
Furthermore, all existing committees and working groups established under various reform initiatives within the sector have been instructed to align their activities with the new task force to avoid duplication and ensure coherence in the reform architecture.
The task force will report directly to the President, providing monthly progress memoranda.
An interim report is expected within three months, and the group will automatically dissolve upon the submission and acceptance of its final report.
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