President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce aimed at designing and coordinating the next phase of structural reforms in Nigeria’s petroleum sector.
The newly constituted task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation. As chairman, Adeola will coordinate the group’s activities 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.
According to the presidency, the task force is a time-bound, high-level executive working group mandated to produce execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a major global energy investment destination.
The initiative underscores President Tinubu’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 stability, and industrial development.
The task force will function as a technical reform body rather than a representative committee. It will engage industry operators, regulators, investors, and civil society organisations as consultees while focusing on actionable policy design and implementation strategies.
The body is expected to report directly to the President and submit monthly progress memoranda. An interim report will be delivered after three months, while the final outputs are expected within six months of its inauguration.
President Tinubu has tasked the group with delivering 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 the Capital and Liquidity Acceleration Blueprint, designed to unlock between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
The third blueprint will outline a National Energy Transformation Strategy, a ten-year roadmap that will set measurable targets for petroleum production, foreign exchange earnings, GDP contribution, and cost competitiveness.
To support the initiative, the President has directed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical assistance to the task force and submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
He also ordered all existing committees, teams, and working groups previously established under various reform initiatives in the petroleum sector to align their activities, reporting structures, and work programmes with the new task force.
The directive is expected to streamline operations, prevent duplication of mandates, and ensure institutional clarity across Nigeria’s petroleum reform architecture.
Additionally, the President instructed that all relevant documentation, institutional knowledge, and ongoing workstreams within the sector be made available to the task force to support the development and implementation of its comprehensive reform agenda.
The creation of the task force, the presidency said, represents a strategic instrument to accelerate petroleum sector reforms, strengthen governance structures, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation.
The task force will automatically dissolve after the submission and acceptance of its final report by the President.
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