Tinubu approves Task Force on Petroleum Reform and Value Optimisation, appoints Fola Adeola Chairman

*President Bola Ahmed Tinubu, GCFR, approves establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce, to design and *sequence the next phase of structural and execution-ready reform blueprints in Nigeria’s petroleum sector

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu, GCFR, has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce, to design and sequence the next phase of structural reforms in Nigeria’s petroleum sector.

Tinubu has appointed Mr. Fola Adeola, Co-founder of Guaranty Trust Bank (GTBank), Founder and Chairman of the Fate Foundation, as Chairman of the newly-created Taskforce.

JAMB warns Lead City University, candidates against unapproved admissions into Law programme

Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, who disclosed this development in a statement Friday, March 13, 2026, noted that as the Chairman, Mr. Adeola would coordinate the group’s work, and ensure the timely delivery of its mandate.

The statement revealed other members of the Taskforce are: Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella.

READ ALSO: Telecoms, FinTechs, Energy Sectors Generated Highest Complaints From Nigerian Consumers –Report

NELFUND Okays Request For Tertiary Institutions’ Extension Of Applications Processing

InFocus: NCC’s Interventions, Growing Connectivity Issues And Consumer Experience

Mofoluwasho Fadayomi will serve as Secretary.

The Presidential aide also said as constituted, 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 Federal Government further stated the initiative reflects President Tinubu’s commitment to transforming Nigeria’s petroleum industry into “a more competitive, transparent, and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development.”

The statement as well explained the Taskforce would operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.

The Taskforce will report directly to the President and provide monthly progress memoranda. An interim report will be submitted after three months, while the final outputs are expected within six months of inauguration, said Onanuga.

Task Force to deliver 3 key reform blueprints, says Presidency

In regard to their core term of reference, the statement revealed President Tinubu expects the Task Force to deliver three major reform blueprints for the petroleum sector.

It stated one of the deliverables is the Implementation Toolkit for Immediate Structural Fixes – including draft legislative amendments, executive instruments, and institutional restructuring proposals.

The second deliverable is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5–10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.

The third blueprint will focus on the National Energy Transformation Strategy – a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.

Meanwhile, President Tinubu has directed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support to the Taskforce, and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.

The statement noted that in furtherance of this directive, President Tinubu has also directed all existing committees, teams, and working groups established under various reform initiatives within the sector to align their activities, reporting structures, and work programmes with the new Taskforce.

It also noted the streamlining would ensure coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture.

Besides, Tinubu directed that all relevant documentation, institutional knowledge, and ongoing workstreams should be made available to the Taskforce to support the development and implementation of its comprehensive reform framework.

The creation of the Taskforce, the statement explained, “represents a strategic presidential instrument to accelerate petroleum sector reforms, strengthen governance architecture, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation.”

Onanuga added the Taskforce would automatically dissolve upon submission and acceptance of its final report.

Kindly Share This Story