Tinubu sets up task force on petroleum sector reforms

President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to drive the next phase of structural reforms in Nigeria’s petroleum sector.

The development was announced in a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the statement, the task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of FATE Foundation. He will coordinate the group’s activities 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 statement said the time-bound task force will function as a high-level executive working group responsible for developing practical reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector, and strengthening Nigeria’s position as a global energy investment destination.

It added that the initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent and value-driven sector capable of supporting long-term economic growth and industrial development.

The task force will operate as a technical reform body and will engage industry operators, regulators, investors and civil society groups as consultees while focusing on actionable policy design and implementation strategies.

According to the statement, the group will report directly to the President and submit monthly progress memoranda. An interim report is expected after three months, while the final report will be delivered within six months of its inauguration.

President Tinubu expects the task force to produce three key reform blueprints. These include an implementation toolkit for immediate structural fixes—covering draft legislative amendments, executive instruments and institutional restructuring proposals.

The second blueprint will focus on accelerating capital and liquidity in the sector, with the goal of unlocking between $5 billion and $10 billion while protecting Nigeria’s sovereign interests.

The third will outline a National Energy Transformation Strategy, a 10-year roadmap with measurable targets for production levels, foreign exchange earnings, contribution to gross domestic product and cost competitiveness.

The President has directed all ministries, departments, agencies, regulators and relevant institutions to provide full technical support to the task force and submit details of ongoing initiatives to ensure alignment with the emerging reform framework.

He also ordered all existing committees and working groups involved in petroleum sector reforms to align their activities and reporting structures with the new task force to avoid duplication and ensure coordination.

The statement noted that the task force will automatically dissolve once its final report is submitted and accepted by the President.