Abuja: President Bola Tinubu has appointed Fola Adeola, co-founder of Guaranty Trust Bank, to chair a new Presidential Petroleum Reform and Value Optimisation Task Force tasked with unlocking up to $10 billion in sectoral investment and delivering a ten-year energy transformation strategy.
Presidential Spokesperson Mr Bayo Onanuga announced this in a statement on Friday in Abuja.
Adeola, founder of Fate Foundation, will coordinate the group and ensure the timely delivery of its mandate.
Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella.
Mofoluwasho Fadayomi will serve as the task force’s secretary.
According to Onanuga, the group is a time-bound executive body tasked with producing execution-ready reform blueprints for Nigeria’s petroleum industry.
“The task force will consolidate ongoing reforms and strengthen Nigeria’s position as a global energy investment destination,” he said.
He said the initiative shows the President’s commitment to building a competitive, transparent, and value-driven petroleum industry.
“The task force will serve as a technical reform body and not a representative committee,” Onanuga said.
He stated the group will consult industry operators, regulators, investors, and civil society groups.
“The focus will remain on actionable policy design and implementation strategies,” he said.
Onanuga said the task force will report directly to the president with monthly progress memoranda.
He added that the group will deliver an interim report after three months and a final report within six months of inauguration.
Tinubu expects three major reform blueprints from the task force.
One deliverable is an implementation toolkit for immediate structural fixes, including draft legislative amendments, executive instruments, and institutional restructuring proposals.
Another is a Capital and Liquidity Acceleration Blueprint to unlock $5–10 billion in sectoral liquidity.
The blueprint should also safeguard Nigeria’s sovereign interests while attracting investment from industry.
The third deliverable is a National Energy Transformation Strategy.
The strategy will provide a ten-year roadmap with targets for production, foreign exchange, GDP, and cost competitiveness.
Tinubu directed all sector ministries, departments, and agencies to give the task force full technical support.
He instructed them to submit inventories of ongoing initiatives to align with the new reform framework.
The President directed existing committees and reform teams to align their activities with the new task force.
The move, according to Onanuga, will prevent duplication of mandates and ensure institutional coordination.
“All documentation and ongoing workstreams must support the task force’s work,” he said.
The task force will automatically dissolve after submitting and securing acceptance of its final report.
