President Bola Tinubu has formed a Presidential Petroleum Reform and Value Optimisation Taskforce to design and sequence the next phase of structural reforms in Nigeria’s petroleum sector.
Mr. Fola Adeola, founder and chairman of the Fate Foundation and co-founder of Guarantee Trust Bank, was named task force head by the President.
The task force would function as a time-bound, high-level executive working group tasked with creating reform blueprints that are ready for action, according to a statement released on Friday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
Other members of the taskforce include; Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.
The announcement claims that the task group will boost Nigeria’s standing as a top location for international energy investment, release capital inside the petroleum sector, and solidify ongoing reforms.
“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,” it read.
The taskforce will also function as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.
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It is expected to report directly to the President and provide monthly progress memoranda, with an interim report expected after three months and final outputs within six months of inauguration.
The task force has been instructed by Tinubu to present three significant reform plans.
The Implementation Toolkit for Immediate Structural Fixes, which includes proposed institutional reorganisation, executive instruments, and draft legislative revisions, is the first deliverable.
The Capital & Liquidity Acceleration Blueprint, the second deliverable, aims to protect Nigeria’s sovereign interests while unleashing $5–10 billion in sectoral liquidity.
The National Energy Transformation Strategy, a ten-year plan with quantifiable goals for production, foreign exchange profits, GDP contribution, and cost competitiveness, will be the subject of the third blueprint.
Meanwhile, Tinubu has directed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support to the task force and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
Additionally, the President instructed all current committees, teams, and working groups that were formed as part of the sector’s different reform initiatives to align their work programs, reporting structures, and activities with the new taskforce.
Presidential aide, Onanuga described the creation of the taskforce as “a strategic presidential instrument to accelerate petroleum sector reforms, strengthen governance architecture, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation.”
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