President Bola Ahmed Tinubu has approved the establishment of a presidential task force to design and coordinate a new phase of reforms in Nigeria’s petroleum sector.
Gatekeepers News reports that the development was disclosed in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, who said the body is named the Presidential Petroleum Reform and Value Optimisation Task Force. The panel is expected to develop policy proposals and strategies aimed at strengthening governance and improving efficiency across the oil and gas industry.
According to the presidency, the task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation. He is expected to coordinate the activities of the team and ensure that it delivers recommendations within the timeline given by the federal government.
Other members of the task force 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 presidency said the task force will function as a technical working group tasked with producing actionable reform strategies for the petroleum industry. It will also review existing policies, identify gaps within the sector, and propose measures to improve value creation and transparency.
The panel is expected to engage regulators, investors, operators, and other stakeholders in the oil and gas industry while developing its recommendations. Officials said the goal is to ensure that the reform proposals reflect industry realities and support long-term growth.
The task force is expected to submit monthly progress reports to the president. An interim report is anticipated within three months, while a comprehensive reform blueprint is expected within six months of its inauguration.
The federal government believes the initiative could help unlock between $5 billion and $10 billion in liquidity in the petroleum sector as part of efforts to boost investment and accelerate ongoing reforms in the industry.
