President Tinubu Establishes Task Force On Presidential Petroleum Reform & Value Optimisation
President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and
Value Optimisation Task Force to design and coordinate the next phase of structural reforms in Nigeria’s
oil and gas sector.
The presidency said the task force is a time-bound, high-level executive working group tasked with
producing actionable reform blueprints aimed at consolidating ongoing reforms, unlocking investment
capital within the petroleum industry, and strengthening Nigeria’s position as a global energy
investment destination.
According to a statement issued in Abuja by the president’s Special Adviser on Information and Strategy,
Bayo Onanuga, the task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and
founder of the Fate Foundation. Adeola will coordinate the group’s work and ensure the timely delivery
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 stated that the task force will operate as a technical reform body rather than a
representative committee, engaging industry operators, regulators, investors and civil society groups
while focusing on policy design and implementation strategies.
As part of its mandate, the task force is expected to deliver three major reform blueprints, including:
** An implementation toolkit for immediate structural fixes such as legislative amendments and
institutional restructuring;
** A capital and liquidity acceleration blueprint aimed at unlocking $5–10 billion in sectoral
liquidity; and
** A national energy transformation strategy, a ten-year roadmap with measurable targets for
production, foreign-exchange earnings and sector competitiveness.
The task force will report directly to the president, providing monthly progress reports, with an interim
report expected after three months and a final report within six months of its inauguration.
President Tinubu also directed ministries, departments, agencies and regulators in the petroleum sector
to provide full technical support to the task force and align ongoing initiatives with the new reform
framework to avoid duplication of mandates.
The initiative forms part of the administration’s broader effort to transform Nigeria’s petroleum industry
into a more transparent, competitive and value-driven sector capable of supporting long-term economic
growth and macroeconomic stability.
By Oyinkansola Shittu.
