Bola Tinubu has approved the creation of a Presidential Petroleum Reform and Value Optimisation Task Force to advance the next phase of structural reforms in Nigeria’s oil and gas sector.
In a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency said the high-level task force will develop practical reform strategies aimed at strengthening the petroleum industry and boosting Nigeria’s competitiveness in the global energy market.
The task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, who will coordinate its activities and oversee the implementation of its mandate.
Other members 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 task force is a time-bound technical working group tasked with producing implementation-ready reform plans that will consolidate ongoing changes in the sector, attract investment capital and strengthen Nigeria’s position as a leading global energy investment destination.
The initiative, the statement noted, reflects Tinubu’s commitment to building a more transparent, competitive and value-driven petroleum industry capable of supporting long-term economic growth and industrial development.
Unlike conventional representative committees, the task force will function as a specialised technical reform body. It will engage industry operators, regulators, investors and civil society groups while focusing on policy design and implementation strategies.
The team will report directly to the President through monthly progress updates. An interim report is expected within three months of its inauguration, while the final report is scheduled for submission within six months.
