President Bola Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to design and implement the next phase of structural reforms in Nigeria’s petroleum sector.
The announcement was made on Friday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
The task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, who will coordinate the group’s activities and ensure timely delivery of its mandate.
Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.
According to Onanuga, the task force is a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints to consolidate ongoing initiatives, unlock capital in the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination.
The body will function as a technical reform entity, not a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.
It will report directly to the President, providing monthly progress memoranda. An interim report is expected within three months, with a final report due six months after inauguration.
President Tinubu expects the task force to deliver three key reform blueprints. The first is the Implementation Toolkit for Immediate Structural Fixes, which includes draft legislative amendments, executive instruments, and proposals for institutional restructuring. The second is the Capital and Liquidity Acceleration Blueprint, designed to unlock $5–10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests. The third is the National Energy Transformation Strategy, a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.
The President has directed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support and submit inventories of ongoing initiatives to align with the new reform framework. Existing committees and teams under previous initiatives are also instructed to synchronize their activities, reporting structures, and work programmes with the task force.
All relevant documentation, institutional knowledge, and ongoing workstreams are to be made available to support the development and implementation of a comprehensive reform framework.
The task force will automatically dissolve upon submission and acceptance of its final report.
