President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to drive the next phase of reforms in Nigeria’s petroleum sector.
The task force will design and sequence structural reforms aimed at strengthening Nigeria’s position as a global energy investment destination.
The President appointed Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, as chairman of the task force.
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Other members include: Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, Seyi Bella
Mofoluwasho Fadayomi will serve as secretary of the task force.
The task force will function as a high-level technical reform body rather than a representative committee.
The task force will deliver three major reform frameworks.
First, it will produce an Implementation Toolkit for Immediate Structural Fixes.
Second, it will develop a Capital and Liquidity Acceleration Blueprint while protecting Nigeria’s sovereign interests.
Third, it will create a National Energy Transformation Strategy, a ten-year roadmap with measurable targets for production levels.
The task force will report directly to the President and submit monthly progress updates.
An interim report is expected within three months, while the final report should be delivered within six months.
President Tinubu also directed all ministries, departments, agencies and regulators in the petroleum sector to provide technical support to the task force.
Existing reform committees and working groups have also been instructed to align their activities with the new task force to ensure coordination and avoid duplication.
Officials say the initiative aims to accelerate reforms, strengthen governance in the energy sector.
