President Bola Tinubu has approved the establishment of a presidential petroleum reform and value optimisation task force to design and sequence the next phase of structural reforms in the petroleum sector.
In a statement on Friday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said Fola Adeola, co-founder of Guaranty Trust Bank (GTB) and founder and chairman of the Fate Foundation, will serve as the chairman of the task force.
As chairman, the presidency said Adeola will oversee the group’s work 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.
According to the statement, Mofoluwasho Fadayomi will serve as the secretary of the task force.
“As constituted, the task force is a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination,” Onanuga said.
“The initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development.
“It will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.”
Onanuga said the task force will report directly to Tinubu and submit monthly progress memoranda.
He added that an interim report will be presented after three months, while the final report is expected within six months of its inauguration.
The president, the spokesperson noted, expects the task force to produce three major reform blueprints.
“One of the deliverables is the Implementation Toolkit for Immediate Structural Fixes — including draft legislative amendments, executive instruments, and institutional restructuring proposals,” Onanuga said.
“The second deliverable is the Capital and Liquidity Acceleration Blueprint, aimed at unlocking $5–10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
“The third blueprint will focus on the National Energy Transformation Strategy — a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.”
According to the statement, Tinubu has directed all ministries, departments, agencies, regulators, and relevant institutions to provide full technical support to the task force and submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
In furtherance of the directive, Onanuga said Tinubu has also instructed all existing committees, teams, and working groups established under various reform initiatives in the sector to align their activities, reporting structures, and work programmes with the new task force.
“The streamlining will ensure coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture,” the presidency said.
“The President has also directed that all relevant documentation, institutional knowledge, and ongoing workstreams should be made available to the task force to support the development and implementation of its comprehensive reform framework.
“The creation of the task force represents a strategic presidential instrument to accelerate petroleum sector reforms, strengthen governance architecture, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation.”
The spokesperson said the task force will automatically dissolve upon submission and acceptance of its final report.
