By John Umeh
Bola Ahmed Tinubu has approved the creation of a special presidential taskforce aimed at driving a new phase of reforms in Nigeria’s petroleum industry, appointing respected banker and entrepreneur Fola Adeola as chairman of the body.
The announcement was made in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, who explained that the newly established Presidential Petroleum Reform and Value Optimisation Taskforce will function as a high-level executive group focused on strengthening the structure and performance of the country’s energy sector.
Mandate of the Taskforce
According to the statement, the taskforce has been set up as a temporary but strategic working group tasked with developing practical reform plans that will deepen ongoing changes within the petroleum industry.
Its primary mission is to design clear strategies that will enhance efficiency, attract investment, and ensure that Nigeria’s oil and gas resources deliver greater economic value to the country.
The body will report directly to the President and provide regular progress updates, including monthly reports on the implementation of its assignments.
Members of the Reform Team
Apart from Adeola, the taskforce includes several experienced professionals drawn from different sectors of the economy. Members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella.
Mofoluwasho Fadayomi will serve as secretary to coordinate administrative and technical support for the group.
Key Reform Plans
Within six months of its inauguration, the taskforce is expected to deliver three major policy frameworks aimed at transforming the petroleum sector.
The first will focus on immediate structural reforms, including proposals for legislative adjustments, executive actions, and institutional restructuring.
The second blueprint will concentrate on unlocking capital within the industry, with plans aimed at mobilising between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s economic interests.
The third proposal will outline a ten-year national energy transformation strategy, setting measurable targets for oil production levels, foreign exchange earnings, contributions to national GDP, and global competitiveness.
Focus on Practical Solutions
Officials say the taskforce is designed as a technical reform body rather than a political committee. It will consult widely with industry players, investors, regulators, and civil society groups while focusing on actionable strategies that can be implemented quickly.
All ministries, agencies, and regulatory institutions involved in the petroleum industry have been directed to cooperate fully with the taskforce by providing data, technical support, and updates on existing reform initiatives.
Temporary but Strategic Body
The taskforce will operate for a limited period and is expected to conclude its work once it submits its final recommendations and reform framework to the President.
The government says the initiative is part of a broader effort to reposition Nigeria’s energy sector as a stronger driver of economic growth and investment.
