President Bola Ahmed Tinubu has established a Presidential Petroleum Reform and Value Optimisation Taskforce to coordinate the next stage of structural reforms in Nigeria’s petroleum sector.
The President appointed Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, as chairman of the taskforce.
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The development was disclosed in a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
According to the statement, the taskforce will function as a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints for the petroleum industry.
Other members of the taskforce 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 taskforce would harmonise existing reforms, unlock capital within the petroleum sector and strengthen Nigeria’s position as a global destination for energy investment.
The body will report directly to the President and submit monthly progress memoranda, with an interim report expected within three months and final outputs to be delivered within six months of inauguration.
Tinubu also directed all Ministries, Departments and Agencies, regulators and other relevant institutions to provide technical support and align ongoing petroleum reform initiatives with the work of the new taskforce.
The team is expected to deliver three major reform blueprints, including an Implementation Toolkit for Immediate Structural Fixes, a Capital and Liquidity Acceleration Blueprint aimed at unlocking between $5 billion and $10 billion in sector liquidity, and a National Energy Transformation Strategy outlining a 10-year roadmap for the industry.
According to the presidency, the taskforce will be dissolved after submitting its final report and once its recommendations are accepted by the government.