President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to design and coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
The President appointed Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation, as chairman of the Taskforce. In this role, Adeola will coordinate the group’s work and ensure the timely delivery of its mandate.
Other members of the Taskforce 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.
According to the presidency, the Taskforce is a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination.
The initiative reflects President Tinubu’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-driven sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development.
The Taskforce will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing primarily on actionable policy design and implementation strategies.
It will report directly to the President and submit monthly progress memoranda, with an interim report expected after three months and a final report within six months of its inauguration.
President Tinubu expects the Taskforce to deliver three major reform blueprints.
The first is an Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments, and proposals for institutional restructuring within the sector.
The second deliverable is a Capital and Liquidity Acceleration Blueprint, designed to unlock between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
The third is a National Energy Transformation Strategy, a ten-year roadmap with measurable targets covering production levels, foreign exchange earnings, contribution to GDP, and improvements in cost competitiveness.
To support the work of the Taskforce, the President directed all ministries, departments, agencies, regulators, and relevant institutions to provide full technical support and submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
In furtherance of this directive, the President also instructed all existing committees, teams, and working groups established under various petroleum sector reform initiatives to align their activities, reporting structures, and work programmes with the new Taskforce.
The streamlining, according to the presidency, is intended to ensure coordination, avoid duplication of mandates, and provide institutional clarity within Nigeria’s petroleum sector reform architecture.
President Tinubu further directed that all relevant documentation, institutional knowledge, and ongoing workstreams be made available to the Taskforce to support the development and implementation of its comprehensive reform framework.
The creation of the Taskforce is described as a strategic presidential instrument aimed at accelerating petroleum sector reforms, strengthening governance structures, optimising national energy assets, and positioning Nigeria’s petroleum resources as a foundation for sustainable economic transformation.
The Taskforce will automatically dissolve upon submission and acceptance of its final report.
The announcement was made in a statement issued on Friday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
