Tinubu Launches Presidential Task Force On Petroleum Sector Reforms

President Bola Tinubu has launched the Presidential Petroleum Reform and Value Optimisation Task Force to design and drive 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 the Fate Foundation, according to a statement on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

The presidency said the committee is expected to produce “execution-ready” reform blueprints aimed at consolidating ongoing reforms, attracting investment into the petroleum sector and strengthening Nigeria’s position as a global energy investment destination.

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 the presidency, the body will function as a technical reform group rather than a representative committee, working with industry operators, regulators, investors and civil society to develop policy proposals and implementation strategies.

The statement partly reads, “The Taskforce will report directly to the President and provide monthly progress memoranda. An interim report will be submitted after three months, while the final outputs are expected within six months of inauguration.

“President Tinubu expects the Task Force to deliver 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.

“The second deliverable is the Capital & 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.”

Onanuga added that President Tinubu has directed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support to the taskforce and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.

“In furtherance of this directive, President Tinubu has also directed all existing committees, teams, and working groups established under various reform initiatives within 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 President has also directed that all relevant documentation, institutional knowledge, and ongoing workstreams should be made available to the Taskforce to support the development and implementation of its comprehensive reform framework.

“The creation of the Taskforce 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 Taskforce will automatically dissolve upon submission and acceptance of its final report,” the statement added.