By Danjuma Amodu | March 13, 2026
President Bola Tinubu has approved the formation of a Presidential Petroleum Reform & Value Optimisation Taskforce to guide the next stage of reforms in Nigeria’s petroleum sector.
The taskforce is designed to create practical reform plans, strengthen the industry, and boost Nigeria’s position as a key global energy destination, according to a statement signed by Bayo Onanuga.
Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation, will chair the taskforce, coordinating the team’s activities and ensuring timely delivery of its objectives. Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi as secretary.
The taskforce is a time-bound executive body focused on producing actionable reform plans, engaging with industry operators, regulators, investors, and civil society. It will report directly to the President, submitting monthly progress updates, with an interim report expected after three months and final outputs due six months after inauguration.
The taskforce is expected to deliver three major reform plans:
Implementation Toolkit for Immediate Structural Fixes: draft legislative amendments, executive instruments, and institutional restructuring proposals
Capital & Liquidity Acceleration Blueprint: unlocking $5-10 billion in sector liquidity while protecting Nigeria’s interests
National Energy Transformation Strategy: a ten-year plan with measurable targets for production, GDP contribution, foreign exchange earnings, and cost competitiveness
President Tinubu has instructed all ministries, agencies, regulators, and institutions to provide full support to the taskforce and share ongoing initiatives for alignment.
Existing committees and working groups in the petroleum sector are also directed to align their work with the new taskforce to avoid overlap and ensure coordination.
All relevant documentation, institutional knowledge, and ongoing projects must be made accessible to the taskforce to aid in developing a comprehensive reform framework.
The taskforce will automatically dissolve once its final report is submitted and approved
