President Bola Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to design the next phase of structural reforms in Nigeria’s petroleum sector.
President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to design and sequence the next phase of structural reforms in Nigeria’s petroleum sector.
The task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation, who will coordinate the group’s work and ensure 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, Seyi Bella.
Mofoluwasho Fadayomi will serve as the secretary of the task force.
According to the presidency, the task force is a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints aimed at consolidating ongoing reforms and unlocking capital within the petroleum sector.
The initiative is part of the administration’s efforts to strengthen Nigeria’s position as a major global energy investment destination.
The body will operate primarily as a technical reform group, engaging industry operators, regulators, investors and civil society organisations while focusing on policy design and implementation strategies.
President Tinubu expects the task force to deliver 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, aimed at unlocking between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
The third blueprint is the National Energy Transformation Strategy, a 10-year roadmap with measurable targets for oil production, foreign exchange earnings, contribution to GDP and cost competitiveness.
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 inauguration.
Tinubu has directed all ministries, departments and agencies (MDAs), regulators and relevant institutions to provide full technical support to the task force.
He also instructed existing committees and working groups involved in petroleum sector reforms to align their activities and reporting structures with the new task force.
The directive aims to streamline reform efforts, avoid duplication of responsibilities and strengthen coordination across the sector.
The presidency noted that the task force will automatically dissolve once its final report is submitted and accepted.
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