President Bola Ahmed Tinubu has approved the appointment of Mr. Fola Adeola, the co-founder of Guaranty Trust Bank and chairman of the Fate Foundation, to chair the newly-formed Presidential Petroleum Reform & Value Optimisation Taskforce.
The taskforce is an executive working group designed to architect the next phase of structural reforms within Nigeria’s energy sector.
Joining Adeola on the task force are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi serving as the secretary.
This time-bound group is charged with producing execution-ready blueprints aimed at unlocking capital and strengthening Nigeria’s standing as a premier destination for global energy investment.
According to a statement issued on Friday by Bayo Onanuga, Special Adviser to the President on Information & Strategy, the initiative reflects a presidential commitment to transforming the petroleum industry into a competitive and transparent driver of macroeconomic resilience.
The body will function as a technical reform unit rather than a representative committee, engaging with industry operators, regulators, and civil society as consultees to focus on actionable policy design.
The task force is expected to report directly to the President with monthly progress memoranda, an interim report at the three-month mark, and final outputs within six months of its inauguration.
President Tinubu also identified three critical deliverables for the group, starting with an implementation toolkit for immediate structural fixes, which includes draft legislative amendments and institutional restructuring proposals.
The President further tasked the team to develop a Capital & Liquidity Acceleration Blueprint intended to unlock between $5 billion and $10 billion in sectoral liquidity while protecting national sovereign interests.
The final component of their mandate is a ten-year National Energy Transformation Strategy, which will set measurable targets for production, foreign exchange earnings, and GDP contribution.
To ensure total alignment, President Tinubu has directed all ministries, departments, agencies, and existing reform committees to provide full technical support and documentation to the task force.
This streamlining of activities is intended to avoid the duplication of mandates and provide institutional clarity. The task force is set to dissolve automatically upon the submission and acceptance of its final comprehensive report.