President Bola Tinubu has constituted a Presidential Petroleum Reform and Value Optimisation Taskforce, appointing a renowned entrepreneur and co-founder of Guaranty Trust Bank, Fola Adeola, as chairman
The taskforce will drive the next phase of structural reforms in Nigeria’s oil and gas industry. It is also expected to develop actionable strategies to reposition the country’s petroleum sector for improved efficiency, investment and long-term economic growth.
This was contained in a statement made available to Newsmen on Friday in Abuja by the Special Adviser to the President on Information and Strategy, Bayo Onanuga .
He said the taskforce will function as a time-bound executive working group mandated to produce detailed reform blueprints for the industry.
The presidency said the taskforce would consolidate ongoing reforms in the petroleum industry, unlock capital and strengthen Nigeria’s position as a competitive global energy investment destination.
According to the statement, the body will serve as a technical reform team rather than a representative committee. It will engage industry operators, regulators, investors and civil society groups as consultants while focusing primarily on policy design and implementation strategies.
The taskforce is expected to report directly to President Tinubu with monthly progress updates. It will submit an interim report within three months and a final report within six months of its inauguration.
Tinubu directed the team to produce three key reform documents, including an Implementation Toolkit for Immediate Structural Fixes, which will contain proposals for legislative amendments, executive instruments and institutional restructuring within the sector.
The second deliverable, the Capital and Liquidity Acceleration Blueprint, aims to unlock between $5bn and $10bn in sectoral liquidity while safeguarding Nigeria’s national interests.
The third blueprint, a National Energy Transformation Strategy, will provide a ten-year roadmap with measurable targets for oil production, foreign exchange earnings, contribution to Gross Domestic Product and cost competitiveness in the global energy market.
The President also instructed all Ministries, Departments and Agencies, as well as regulators and institutions connected to the oil and gas industry, to provide technical support and submit details of ongoing initiatives to ensure alignment with the new reform framework.
The statement added that existing committees and working groups established under previous petroleum reform initiatives would align their activities and reporting structures with the taskforce to avoid duplication and improve coordination.
Adeola, is a chartered accountant and entrepreneur, co-founded Guaranty Trust Bank in 1990 and served as its pioneer Managing Director until 2002. He is also the founder of FATE Foundation, a non-profit organisation dedicated to promoting entrepreneurship and wealth creation in Nigeria.
Other members of the taskforce 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.
