President Bola Tinubu has established a Presidential Petroleum Reform and Value Optimisation Taskforce 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/chairman of the Fate Foundation, has been appointed as chairman of the taskforce.
A statement issued on Friday, March 13, 2026, by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the taskforce as a time-bound, high-level executive working group focused on producing execution-ready reform blueprints.
Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.
The taskforce is expected to consolidate ongoing reforms, unlock capital within the sector, and strengthen Nigeria’s position as a leading global energy investment destination.
“The initiative reflects the President’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 said.
It will function as a technical reform body—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 with monthly progress memoranda, an interim report expected after three months, and final outputs within six months of inauguration.
Tinubu has directed the taskforce to deliver three major reform blueprints:
1. Implementation Toolkit for Immediate Structural Fixes — including draft legislative amendments, executive instruments, and institutional restructuring proposals.
2. Capital & Liquidity Acceleration Blueprint — aimed at unlocking $5 billion to $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
3. National Energy Transformation Strategy — a 10-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.
The President has instructed 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.
Existing committees, teams, and working groups in the sector are to align their activities, reporting structures, and work programmes with the new taskforce to avoid duplication and ensure coherence.
Onanuga described the taskforce as “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.”
The taskforce will automatically dissolve upon submission and acceptance of its final report.
Adeola, a chartered accountant and entrepreneur, co-founded Guaranty Trust Bank in 1990 and served as its pioneer managing director until 2002. He established the Fate Foundation in 2000 to promote entrepreneurship and wealth creation in Nigeria.
The appointment aligns with ongoing reforms in the sector under the Tinubu administration, including the removal of petrol subsidy, unification of foreign exchange windows, and efforts to boost crude oil production from one million to 1.5 million barrels per day.
