PRESIDENT Bola Ahmed Tinubu has approved the creation of a Presidential Petroleum Reform and Value Optimisation Task Force aimed at developing and implementing the next phase of structural reforms in Nigeria’s petroleum sector.
The announcement was made today by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, who explained that the task force will function as a technical reform body rather than a representative committee.
The group will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of FATE Foundation.
In his role, Adeola will coordinate the activities of the task force and oversee the delivery of its objectives within the stipulated timeline.
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 the secretary.
According to Onanuga, the task force is a high-level executive working group with a fixed timeline.
Its mandate is to produce actionable reform plans that will consolidate ongoing changes in the sector, attract new investment, and strengthen Nigeria’s standing as a competitive global energy investment destination.
He noted that the team will consult widely with industry operators, regulators, investors, and civil society groups while focusing primarily on policy design and practical implementation strategies.
The task force will report directly to President Tinubu and submit monthly progress updates.
An interim report is expected within three months, while the final report will be delivered within six months of its inauguration.
The President has tasked the group with producing three major reform frameworks.
The first will be an Implementation Toolkit designed to address immediate structural challenges, including proposed legislative amendments, executive actions, and institutional restructuring plans.
The second will be a Capital and Liquidity Acceleration Blueprint intended to unlock between $5 billion and $10 billion in liquidity within the petroleum sector while protecting Nigeria’s sovereign interests.
The third component will outline National Energy Transformation Strategy—a ten-year roadmap with clear targets for production output, foreign exchange generation, contribution to gross domestic product, and improved cost competitiveness.
President Tinubu has also directed all relevant Ministries, Departments, and Agencies, along with regulators and other institutions, to provide full technical support to the task force and submit records of existing initiatives to ensure alignment with the new reform agenda.
Additionally, all committees and working groups previously established under various petroleum sector reform programmes have been instructed to align their activities and reporting structures with the newly created task force.
The presidency stated that all relevant documentation, institutional knowledge, and ongoing reform work will be made available to support the task force’s work.
The body will automatically dissolve after submitting and receiving approval for its final report.
