President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to design and coordinate the next phase of structural reforms in Nigeria’s petroleum sector. The task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation. Other members 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.

The time-bound task force will produce execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector, and strengthening Nigeria’s position as a leading global energy investment destination. Its key deliverables include an implementation toolkit for immediate structural reforms, a capital and liquidity acceleration plan targeting $5–10 billion in sectoral liquidity, and a ten-year national energy transformation strategy to boost production, foreign exchange earnings, and economic growth.

The task force will report directly to the President and provide monthly progress updates, with an interim report expected after three months and final recommendations within six months. The initiative underscores the administration’s commitment to transforming Nigeria’s petroleum sector into a more competitive, transparent, and value-driven industry capable of supporting long-term economic development.