Tinubu Unveils 7-Member Petroleum Reform Taskforce (Full List Revealed)

President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce as part of efforts to advance a new phase of reforms in Nigeria’s petroleum industry.

According to Ireporter Online, the newly constituted taskforce is expected to develop practical reform strategies aimed at strengthening the country’s oil and gas sector while positioning Nigeria as a more competitive global energy destination.

A statement issued by presidential spokesperson Bayo Onanuga indicated that the taskforce will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation. Adeola is expected to coordinate the activities of the team and oversee the delivery of its assigned mandates within the stipulated timeframe.

Other members appointed to serve on the committee 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 of the taskforce.

The presidential committee has been constituted as a time-bound executive body with the responsibility of developing actionable policy proposals that can be implemented swiftly to improve the performance of the sector. As part of its mandate, the team will engage with industry operators, regulatory agencies, investors and civil society stakeholders in shaping its recommendations.

The taskforce will report directly to President Tinubu and is expected to submit monthly progress updates. An interim report is scheduled to be delivered within three months of its inauguration, while the final recommendations are expected within six months.

Among its key assignments, the committee will produce three major reform frameworks. These include an Implementation Toolkit designed to address immediate structural challenges through proposed legislative amendments, executive actions and institutional restructuring measures.

The team will also develop a Capital and Liquidity Acceleration Blueprint intended to unlock between $5 billion and $10 billion in sector liquidity while safeguarding Nigeria’s economic interests.

In addition, the taskforce is expected to craft a National Energy Transformation Strategy, a ten-year roadmap that will outline measurable targets for crude oil production, contribution to the nation’s gross domestic product, foreign exchange earnings and overall cost competitiveness in the global energy market.

President Tinubu has directed all ministries, regulatory bodies, agencies and relevant institutions to provide full cooperation to the taskforce by sharing existing initiatives and sector-related information for proper alignment. Existing committees and working groups operating within the petroleum industry have also been instructed to synchronise their efforts with the new body to avoid duplication and ensure coordinated reforms.

Relevant documentation, institutional knowledge and ongoing sector projects are expected to be made available to the taskforce to support the development of a comprehensive reform framework. The committee will automatically wind down its operations after submitting its final report and receiving presidential approval.