- Safiu Kehinde
President Bola Tinubu has appointed the co-founder of Guaranty Trust Bank (GTCO), Fola Adesola, as the chairman of the newly established Presidential Petroleum Reform and Value Optimisation Taskforce.
This was disclosed in a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
According to Onanuga, Tinubu had approved the establishment of the taskforce with Fola appointed as its chairman.
Fola, who also doubled as the founder and chairman of the Fate Foundation, was appointed to coordinate the group’s work and ensure the timely delivery of its mandate.
Other members of the Taskforce are: Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, Seyi Bella, and Mofoluwasho Fadayomi who will serve as the taskforce’s secretary.
Saddled with the responsibility of producing execution-ready reform blueprints that will consolidate ongoing reforms in the petroleum sector, Onanuga explained that the taskforce leadership operate as a technical reform body rather than a representative committee.
They are to report directly to the President following engagement withindustry operators, regulators, investors, and civil society as consultees.
“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 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.
“It will 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.” Onanuga wrote.
The taskforce is also expected to submit interim report after three months, while the final outputs are expected within six months of inauguration.
Onanuga further disclosed the three major reform blueprints Tinubu expects the Task Force to deliver.
“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.” The Presidential spokesperson stated.
All Ministries, Departments, Agencies, regulators, and relevant institutions have reportedly been directed by the President to provide full technical support to the Taskforce and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
In furtherance of directive, Tinubu 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 Task Force.
The streamlining will ensure coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture.
The President also 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.
Meanwhile, the taskforce is to automatically dissolve upon submission and acceptance of its final report.