Tinubu establishes Presidential Task Force on Petroleum Reform and Value Optimization – THISAGE

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

Fola Adeola, co-founder of Guaranty Trust Bank and founder and president of the Fate Foundation, is the chair of the Task Force. As president, he will coordinate the work of the group and ensure the timely fulfillment of its mandate.

Other members of the Task Force are: Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella.

Mofoluwasho Fadayomi will act as secretary.

As constituted, the Task Force is a time-bound, high-level executive working group charged with producing execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital in the oil sector, and strengthen Nigeria’s position as a leading global energy investment destination.

The initiative reflects the President’s commitment to transforming Nigeria’s oil industry into a more competitive, transparent and value-maximizing sector capable of driving long-term economic growth, macroeconomic resilience and industrial development.

It will operate as a technical reform body rather than a representative committee, involving industry players, regulators, investors and civil society as consultees, while focusing on the design of workable policies and implementation strategies.

The Task Force will report directly to the President and provide monthly progress memos. An interim report will be presented after three months, while final results are expected within six months of the inauguration.

President Tinubu expects the task force to deliver three major reform bills.

One of the deliverables is the implementation toolkit for immediate structural solutions, which includes draft legislative amendments, executive tools and institutional restructuring proposals.

The second objective is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5-10 billion of sector liquidity while safeguarding Nigeria’s sovereign interests.

The third project will focus on the national energy transformation strategy, a 10-year roadmap with measurable targets for production, foreign exchange earnings, contribution to GDP and cost competitiveness.

President Tinubu has directed all relevant ministries, departments, agencies, regulators and institutions to provide full technical support to the Task Force and submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.

In furtherance of this directive, President Tinubu also directed all existing committees, teams and working groups established under various reform initiatives in the sector to align their activities, reporting structures and work programs with the new Task Force.

Rationalization will ensure coordination, avoid duplication of mandates and provide institutional clarity, thus ensuring coherence in the oil sector reform architecture.

The President further directed that all relevant documentation, institutional knowledge and ongoing work streams be made available to the Task Force to support the development and implementation of its comprehensive reform framework.

The creation of the Task Force represents a strategic presidential tool to accelerate oil sector reforms, strengthen governance architecture, optimize national energy resources, and position Nigeria’s oil resources as the foundation for sustainable economic transformation.

The Task Force will automatically disband after submission and acceptance of the final report.

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