President Bola Tinubu has approved the creation of a Presidential Petroleum Reform and Value Optimisation Task Force to design the next phase of reforms in Nigeria’s petroleum sector.

This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Friday in Abuja.

Mr Tinubu appointed Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, as chairman of the task force.

Mr Adeola will coordinate the group’s activities and ensure the timely delivery of its mandate.

 Other 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 of the task force.

 According to Mr Onanuga, the group is a time-bound executive working body mandated to produce execution-ready reform blueprints for Nigeria’s petroleum industry.

“The task force will consolidate ongoing reforms, unlock capital within the sector and strengthen Nigeria’s position as a global energy investment destination,” he said.

He added that the initiative reflected the president’s commitment to building a competitive, transparent and value-driven petroleum industry.

“The task force will function as a technical reform body rather than a representative committee,” Mr Onanuga said.

He said the group would engage industry operators, regulators, investors and civil society organisations.

“The focus will remain on actionable policy design and implementation strategies,” he said.

Mr Onanuga said the task force would report directly to the president and submit monthly progress memoranda.

He added that an interim report would be delivered after three months, while the final report is expected within six months of inauguration.

Mr Tinubu expects the task force to produce three major reform blueprints.

One deliverable is an implementation toolkit for immediate structural fixes, including draft legislative amendments, executive instruments and institutional restructuring proposals.

Another is a Capital and Liquidity Acceleration Blueprint designed to unlock between five and ten billion dollars in sectoral liquidity.

The blueprint is also expected to safeguard Nigeria’s sovereign interests while attracting investment into the industry.

The third deliverable is a National Energy Transformation Strategy.

The strategy will provide a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution and cost competitiveness.

Mr Tinubu directed all ministries, departments and agencies in the sector to provide full technical support to the task force.

He also instructed them to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.

The president further directed existing committees and reform teams in the petroleum sector to align their activities with the new task force.

The move, according to Mr Onanuga, will prevent duplication of mandates and ensure institutional coordination.

“All relevant documentation and ongoing workstreams must be made available to support the task force’s work,” he said.

The task force will automatically dissolve after submitting and securing acceptance of its final report. 

(NAN)