Tinubu Sets Up Presidential Task Force To Drive Petroleum Sector Reforms

President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to chart 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 Fate Foundation. Adeola is expected to coordinate the group’s activities and ensure the 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 and Seyi Bella, while Mofoluwasho Fadayomi will serve as secretary.

According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the task force is a time-bound, high-level executive working group mandated to produce execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector and strengthen Nigeria’s position as a global energy investment destination.

The initiative, the Presidency said, reflects Tinubu’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent and value-driven sector capable of supporting long-term economic growth and macroeconomic stability.

The task force will operate as a technical reform body rather than a representative committee. It is expected to engage industry operators, regulators, investors and civil society groups as consultees while focusing on actionable policy design and implementation strategies.

It 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 its inauguration.

Among its key assignments is the development of three major reform blueprints. The first is an implementation toolkit for immediate structural fixes, including draft legislative amendments, executive instruments and proposals for institutional restructuring.
The second blueprint, titled the Capital and Liquidity Acceleration Plan, is aimed at unlocking between $5 billion and $10 billion in sectoral liquidity while protecting Nigeria’s sovereign interests.

The third deliverable will be a National Energy Transformation Strategy — a 10-year roadmap outlining measurable targets for production, foreign exchange earnings, contribution to GDP and cost competitiveness.

Tinubu has directed all ministries, departments and agencies, as well as sector regulators and relevant institutions, to provide full technical support to the task force. They are also required to submit inventories of ongoing initiatives to ensure alignment with the new reform framework.

The President further directed that existing committees and working groups operating under various petroleum reform initiatives align their activities and reporting structures with the new task force in order to avoid duplication and ensure policy coordination.

The Presidency said the task force will dissolve automatically after submitting and securing approval for its final report.