By By Elizabeth Ugbo
President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform & Value Optimisation Taskforce to design the next phase of structural reforms in Nigeria’s petroleum sector. The Taskforce, chaired by Fola Adeola, will operate under the Presidency and deliver reform blueprints within six months. It aims to strengthen governance, attract investment, and optimise Nigeria’s petroleum assets. The initiative will coordinate ongoing reforms across ministries, agencies, and industry stakeholders to accelerate transformation in the sector.
Tinubu Directs Agencies to Support Taskforce
President Tinubu has directed all Ministries, Departments, and Agencies (MDAs), regulators, and institutions to provide full technical support to the Taskforce.
They must also submit inventories of ongoing petroleum sector initiatives. This step will ensure proper alignment with the new reform framework.
Furthermore, the President instructed existing committees and working groups to align their activities and reporting structures with the Taskforce.
This coordination will eliminate overlapping mandates and strengthen institutional clarity across the sector.
Efforts to Improve Coordination and Efficiency
The directive aims to streamline reform efforts within the petroleum industry.
As a result, the government expects stronger coordination among agencies. It will also prevent duplication of responsibilities.
Additionally, all relevant documentation and institutional knowledge must be transferred to the Taskforce. This process will support the design and implementation of the reform framework.
Strategic Role of the Taskforce
The Presidential Taskforce will function as a technical reform body.
It will consult industry operators, regulators, investors, and civil society groups. However, its core focus will remain on practical policy design and execution strategies.
Importantly, the Taskforce will report directly to President Tinubu and submit monthly progress memoranda.
An interim report will be delivered after three months, while the final report is expected within six months.
Three Major Reform Blueprints
President Tinubu expects the Taskforce to produce three key reform frameworks.
1. Implementation Toolkit for Structural Fixes
This blueprint will contain draft legislative amendments, executive instruments, and institutional restructuring proposals.
2. Capital and Liquidity Acceleration Blueprint
This plan aims to unlock $5–10 billion in sectoral liquidity while protecting Nigeria’s sovereign interests.
3. National Energy Transformation Strategy
The Taskforce will also develop a 10-year roadmap with measurable targets. These targets will cover production levels, foreign exchange earnings, GDP contribution, and cost competitiveness.
Leadership and Membership
Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, will chair the Taskforce.
He will coordinate the group’s activities and ensure timely delivery of its mandate.
Other members include:
- Ademola Adeyemi-Bero
- Osagie Okunbor
- Abubakar Suleiman
- Adaeze Aguele
- Farouk Gumel
- Phillipa Osakwe-Okoye
- Seyi Bella
Mofoluwasho Fadayomi will serve as the Taskforce secretary.
Temporary Mandate with Defined Timeline
The Taskforce will operate as a time-bound executive working group.
Its mandate focuses on producing execution-ready reform plans that consolidate ongoing initiatives and attract investment.
After submitting and securing approval for its final report, the Taskforce will automatically dissolve.
Tinubu’s Vision for Petroleum Sector Transformation
The initiative highlights President Tinubu’s commitment to reforming Nigeria’s petroleum industry.
Through stronger governance and investment-friendly policies, the government aims to create a transparent and competitive energy sector.
Ultimately, the reforms seek to boost economic growth, strengthen macroeconomic stability, and support long-term industrial development.
