President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to design and coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
According to a statement issued on Friday by presidential spokesman Bayo Onanuga, the task force will develop execution-ready reform plans aimed at consolidating ongoing changes in the industry, attracting investment and strengthening Nigeria’s position in the global energy market.
The task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation. He will coordinate the group’s activities and oversee the 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 presidency said the task force will function as a time-bound, high-level executive working group responsible for producing reform blueprints that will unlock capital within the petroleum sector and improve governance and efficiency across the industry.
It will operate primarily as a technical reform body, engaging industry operators, regulators, investors and civil society groups as part of its consultations while focusing on actionable policy design and implementation strategies.
The group is expected to submit monthly progress reports to the president, with an interim report due within three months of its inauguration and final recommendations expected within six months.
Among its key deliverables is an implementation toolkit outlining immediate structural reforms, including proposed legislative amendments, executive instruments and institutional restructuring measures.
The task force will also produce a capital and liquidity acceleration blueprint designed to unlock between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
Another major deliverable is a National Energy Transformation Strategy, a ten-year roadmap that will set measurable targets for production levels, foreign exchange earnings, GDP contribution and cost competitiveness within the petroleum industry.
President Tinubu has directed all relevant ministries, departments and agencies to provide technical support to the task force and submit details of ongoing reform initiatives to ensure alignment with the new framework.
Existing committees and working groups involved in petroleum sector reforms have also been instructed to harmonise their activities and reporting structures with the task force in order to avoid duplication and ensure better coordination.
According to the presidency, the task force will dissolve automatically after submitting its final report and once its recommendations are accepted.