President Bola Ahmed Tinubu, GCFR, has approved & set up a Presidential Petroleum Reform & Value Optimization Taskforce to plan the next stage of reforms in Nigeria’s petroleum sector. Fola Adeola, co-founder of Guaranty Trust Bank and Fate Foundation Chairman, has been appointed to serve as Chairman of the taskforce, with members including Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella; Mofoluwasho Fadayomi serves as secretary.
The announcement came via a statement from Presidential Spokesman Bayo Onanuga in Abuja today. This time-limited executive group will produce actionable reform plans to build on current efforts, attract investment, and boost Nigeria’s status as a top global energy hub. Operating as a technical team, it will consult industry players, regulators, investors, and civil society for policy designs. The taskforce reports directly to the President with monthly updates, a three-month interim report, and final outputs in six months.
Key deliverables include:
- An implementation toolkit for quick fixes, featuring draft laws, executive orders, and restructuring ideas.
- A capital blueprint to unlock $5–10 billion in sector liquidity while protecting national interests.
- A 10-year National Energy Transformation Strategy with targets for output, forex earnings, GDP impact, and cost efficiency.
Tinubu has ordered all MDAs, regulators, and institutions to fully support the group, share ongoing project details for alignment, and integrate existing committees to eliminate overlaps. All relevant documents and workstreams must be provided. The taskforce dissolves after its final report is accepted, aiming to enhance governance, optimize assets, and drive economic growth through petroleum reforms.
