President Bola Tinubu has approved the establishment of a ‘Presidential Petroleum Reform and Value-Optimisation Task Force, to drive the next phase of structural reforms in Nigeria’s petroleum sector.
The development was disclosed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, the Task Force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank (GTBank) and founder of FATE Foundation. He will coordinate the activities of the team and ensure the timely delivery of its mandate.
Other members of the Task Force 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.
The time-bound Task Force will operate as a high-level executive working group tasked with developing practical reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector and strengthening Nigeria’s position as a major global energy investment destination.
According to the Presidency, the initiative reflects President Tinubu’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent and value-driven sector capable of supporting long-term economic growth and industrial development. The body will function primarily as a technical reform team, engaging industry operators, regulators, investors and civil society groups as consultees while focusing on designing actionable policies and implementation strategies.
As part of its mandate, the team 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 is a Capital and Liquidity Acceleration Blueprint aimed at unlocking between $5 billion and $10 billion in sector liquidity while safeguarding Nigeria’s sovereign interests. The third is a National Energy Transformation Strategy, a 10-year roadmap outlining measurable targets for production levels, foreign exchange earnings, contribution to gross domestic product and cost competitiveness.
President Tinubu has directed all Ministries, Departments, Agencies (MDAs), regulators and relevant institutions to provide full technical support to the task force and submit details of ongoing initiatives to ensure alignment with the emerging reform framework.
The Task Force will report directly to the President and submit monthly progress memoranda. An interim report is expected after three months, while the final report will be delivered within six months of its inauguration.
The statement added that the Task Force will automatically dissolve once its final report is submitted and approved by the President.
