President Bola Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation task force to design and implement the next phase of structural reforms in Nigeria’s petroleum sector.
This was disclosed in a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
The task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder and chairman of Fate Foundation, who will coordinate the group’s activities and ensure the timely delivery of its mandate.
The high-level team consists of Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.
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Onanuga noted that the task force is a “time-bound, high-level executive working group mandated to produce execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector, and strengthening Nigeria’s position as a leading global energy investment destination.”
The body will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, and civil society as consultees.
Reporting directly to the President with monthly progress memoranda, the task force is expected to deliver three key reform blueprints.
The first is an Implementation Toolkit for Immediate Structural Fixes, including draft legislative amendments and institutional restructuring proposals.
The second deliverable is the Capital and Liquidity Acceleration Blueprint, aimed at unlocking “between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.”
The third is the National Energy Transformation Strategy, a ten-year roadmap with measurable targets for production and cost competitiveness.
To ensure alignment, President Tinubu has directed all Ministries, Departments, and Agencies to provide full technical support.
He also ordered all existing committees and working groups within the sector to align their activities with the new task force to ensure “coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture.”
The task force will automatically dissolve upon the submission and acceptance of its final report.
