TINUBU APPOINTS GTB CO-FOUNDER ADEOLA TO HEAD PETROLEUM SECTOR REFORM TASKFORCE
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By: Balogun Ibrahim
President Bola Tinubu has set up a Presidential Petroleum Reform and Value Optimisation Taskforce to plan and sequence the next phase of structural reforms in Nigeria’s petroleum sector.
Mr Fola Adeola, co-founder of Guaranty Trust Bank and founder/chairman of the Fate Foundation, has been appointed chairman of the taskforce.
A statement on Friday by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, said the taskforce will function as a time-bound, high-level executive working group responsible for producing execution-ready reform blueprints.
Other members of the taskforce include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi appointed as secretary.
The statement said the taskforce will build on ongoing reforms, attract capital to the petroleum sector, and enhance Nigeria’s standing as a top global energy investment destination.
“The initiative underscores the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-maximising sector that can drive long-term economic growth, macroeconomic stability, and industrial development,” the statement added.
The taskforce will function as a technical reform body rather than a representative committee, consulting with industry operators, regulators, investors, and civil society while concentrating on actionable policy design and implementation strategies.
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The taskforce will report directly to the President, providing monthly progress updates, with an interim report due three months after inauguration and final outputs expected within six months.
President Tinubu has tasked the group with producing three major reform blueprints.
The first is the Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments, and proposals for institutional restructuring.
The second is the Capital & Liquidity Acceleration Blueprint, designed to unlock $5 billion to $10 billion in sectoral liquidity while protecting Nigeria’s sovereign interests.
The third blueprint will centre on the National Energy Transformation Strategy, a 10-year roadmap outlining measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.
President Tinubu has instructed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support to the taskforce and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
He also directed that all existing committees, teams, and working groups established under previous reform initiatives in the sector align their activities, reporting structures, and work programmes with the new taskforce.
“The streamlining will ensure better coordination, eliminate duplication of mandates, and provide institutional clarity, thereby creating coherence in the petroleum sector reform framework,” the statement said.
President Tinubu also directed that all relevant documentation, institutional knowledge, and ongoing initiatives be made available to the taskforce to support the development and execution of its comprehensive reform agenda.
Bayo Onanuga described the taskforce as “a strategic presidential instrument to accelerate petroleum sector reforms, strengthen governance structures, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation.”
The taskforce will automatically dissolve once its final report is submitted and accepted.
Chairman Fola Adeola, a chartered accountant and entrepreneur, co-founded Guaranty Trust Bank in 1990 and served as its first managing director until 2002. He also founded the Fate Foundation in 2000 to promote entrepreneurship and wealth creation in Nigeria.
Under the Tinubu administration, Nigeria’s petroleum sector has seen significant reforms, including the removal of petrol subsidies, unification of foreign exchange windows, and initiatives to raise crude oil production from one million barrels per day to 1.5 million barrels per day.
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