President Bola Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to drive the next phase of structural reforms in Nigeria’s oil and gas sector.
According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the high-level task force will focus on developing practical reform plans aimed at strengthening the petroleum industry and improving 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 the Fate Foundation, who will coordinate its activities and oversee the execution 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.
The presidency said the task force is a time-bound technical working group expected to produce implementation-ready reform blueprints to consolidate ongoing reforms, attract investment capital and enhance Nigeria’s status as a major global energy investment destination.
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The initiative, according to the statement, reflects President Tinubu’s commitment to building a more transparent, competitive and value-driven petroleum sector capable of supporting long-term economic growth and industrial development.
Unlike representative committees, the task force will function as a technical reform body, consulting with industry operators, regulators, investors and civil society groups while focusing on policy design and implementation strategies.
The task force will report directly to the President through monthly progress reports. An interim report is expected within three months, while the final report is scheduled for submission within six months after inauguration.
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