A Presidential Petroleum Reform & Value Optimisation Taskforce to guide the next stage of reforms in Nigeria’s petroleum sector has been approved by President Bola Tinubu.
President Bola Tinubu approved the formation of the taskforce to create practical reform plans, strengthen the industry, and boost Nigeria’s position as a key global energy destination.
A statement signed by Bayo Onanuga, the group will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation who will coordinate the team’s activities and ensure the timely delivery of its objectives.
Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella while Mofoluwasho Fadayomi has been appointed as secretary.
The taskforce is a time-bound executive body focused on producing actionable reform plans.
It will engage with industry operators, regulators, investors, and civil society, but its main role is to design policies and strategies that can be implemented quickly.
The team will report directly to the President, submitting monthly progress updates.
An interim report is expected after three months, with the final outputs due six months after inauguration.
The taskforce is expected to deliver three major reform plans.
The first is the Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments, and proposals for institutional restructuring.
The second is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5–10 billion in sector liquidity while protecting Nigeria’s interests.
The third is the National Energy Transformation Strategy, a ten-year plan with measurable targets for production, GDP contribution, foreign exchange earnings, and cost competitiveness.
President Tinubu has instructed all ministries, agencies, regulators, and institutions to provide full support to the taskforce and share ongoing initiatives for alignment.
Existing committees and working groups in the petroleum sector are also directed to align their work with the new taskforce to avoid overlap and ensure coordination.
All relevant documentation, institutional knowledge, and ongoing projects must be made accessible to the taskforce to aid in developing a comprehensive reform framework.
The taskforce will automatically dissolve once its final report is submitted and approved
