President Bola Tinubu has set up a high-level team to drive the next phase of reforms in Nigeria’s petroleum sector as part of efforts to improve efficiency, attract investment, and maximise value from the country’s oil and gas resources.
As gathered, the group will develop practical plans to strengthen ongoing reforms, attract more investment into the sector, and make Nigeria more competitive in the global energy market.
The panel will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, alongside other members drawn from the energy, finance, and policy sectors.
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.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, who announced the development on Friday, said the initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-driven sector capable of supporting long-term economic growth, macroeconomic stability, and industrial development.
He added that the group will report directly to the President and submit monthly progress reports. An interim report is expected after three months, while the final blueprint will be delivered within six months of its inauguration.
Onanuga also noted that the panel will automatically dissolve after submitting and securing approval for its final report.
Meanwhile, President Tinubu has directed all ministries, departments, agencies, regulators, and relevant institutions to provide full technical support to the team and submit details of ongoing initiatives to ensure alignment with the new reform framework.
He further instructed existing committees, working groups, and project teams set up under various petroleum sector reform initiatives to align their activities, reporting structures, and work programmes with the new body.
According to the presidency, the move is aimed at ensuring coordination, avoiding duplication of mandates, and providing clarity in the petroleum sector reform process.
Relevant documentation, institutional knowledge, and ongoing workstreams are also to be made available to support the group’s work.
The statement reads, “As constituted, the Taskforce is a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination.
“It will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.
“The Taskforce will report directly to the President and provide monthly progress memoranda. An interim report will be submitted after three months, while the final outputs are expected within six months of inauguration. President Tinubu expects the Task Force to deliver three major reform blueprints.
“One of the deliverables is the Implementation Toolkit for Immediate Structural Fixes – including draft legislative amendments, executive instruments, and institutional restructuring proposals. The second deliverable is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5–10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
“The third blueprint will focus on the National Energy Transformation Strategy – a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.
