₦airaland Forum

President Bola Tinubu has established a Presidential Petroleum Reform and Value Optimisation Taskforce to design and sequence the next phase of structural reforms in Nigeria’s petroleum sector.

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

A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Friday disclosed that the task force would operate as a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints.

Other members of the taskforce are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.

According to the statement, the task force will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination.

“The initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development,” it read.

The taskforce 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.

It will report directly to the President and provide monthly progress memoranda, with an interim report expected after three months and final outputs within six months of inauguration.

Tinubu has directed the task force to deliver three major reform blueprints.

The first deliverable 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 $5bn to $10bn in sectoral liquidity while safeguarding Nigeria’s sovereign interests.


The third blueprint will focus on the National Energy Transformation Strategy, a 10-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.

Tinubu has directed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support to the task force and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.

The President also directed all existing committees, teams, and working groups established under various reform initiatives within the sector to align their activities, reporting structures, and work programmes with the new taskforce.


“The streamlining will ensure coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture,” the statement noted.

The President further directed that all relevant documentation, institutional knowledge, and ongoing workstreams should be made available to the task force to support the development and implementation of its comprehensive reform framework.

Onanuga described the creation of the taskforce as “a strategic presidential instrument to accelerate petroleum sector reforms, strengthen governance architecture, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation.”

The task force will automatically dissolve upon submission and acceptance of its final report.

Adeola, a chartered accountant and entrepreneur, co-founded Guaranty Trust Bank in 1990 and served as its pioneer managing director until 2002.

He established the Fate Foundation in 2000 to promote entrepreneurship and wealth creation in Nigeria.

Nigeria’s petroleum sector has undergone significant reforms under the Tinubu administration, including the removal of petrol subsidy, unification of foreign exchange windows, and efforts to increase crude oil production from one million barrels per day to 1.5 million barrels per day.

Source: https://punchng.com/tinubu-appoints-gtb-co-founder-adeola-to-lead-petroleum-sector-reform-taskforce

So what will happen to the PIA, a legislative document that took several years and eventually was passed into Law.
Some financial obligations as well as contract may have been carried out.
I am concerned about the fate of the many inconsistencies in the oil sector.
If the President Bola Ahmed Tinubu want to do away with the PIA he should send a Bill to NA so a proper reform can be carried out.

Another form of looting. God abeg ooo

You see. Those supporting this man won't stop amazing me. He appoints only those who had been working with him since he was governor of lagos.

adenigga:
Source: https://punchng.com/tinubu-appoints-gtb-co-founder-adeola-to-lead-petroleum-sector-reform-taskforce

He was also Ribadu’s running mate in 2011 when Tinubu called Buhari expired and made him cry on tv.

Nawao!!!
I thought the task force was for the purpose of this fuel price wahala. I just read it to discover it is for another matter entirely

Nice one
Hopefully he will deliver like the tax man

God bless Nigeria.
May our country overcome this difficult time.

Hope he's as brilliant as the man in charge of tax reform, Taiwo Oyedele.

Another tribalism appointment. God epp us oh

My prayer for this country is this crude oil should just dry up because all the income from crude since 1970s has gone into private pockets not utilized for social benefits and development.

Eriokanmi:
You see. Those supporting this man won't stop amazing me. He appoint only those who had been working with him since he was governor of lagos.

Is the people he appointed is more important to you or if system works right?
We in Yoruba that he appointed from, how has it benefited us?

I think you should focus in areas of performances.

Can someone tell me one policy of Mr President that has positively impact the poor?

This is 3 years running and abject suffering

Well I think he the financial experience to lead the group. Let hope he achieves the objectives.

Lagos boys are finally coming in... I never doubted tinubu economic prowess.... Most states in Nigeria are using his lagos blueprints... All states sef

Paddy Paddy government

Nice choice by the Jagaban.

Padi-padi governmenttt

TheEagle112:
Paddy Paddy government

if e reach your turn ignore your paddy

snitch

People with no single oil Wells in their vicinity are the ones making policies related to oil extraction for the whole country, including for those from whose land the oil is excavated!?

This nonsense has to stop!

Paddy Paddy government. Stop this your one sided method and allow Emekus, Chinedu etc to benefits please

ATIMES I WONDER HOW NIGERIA WLD HAVE BEEN IF A REFORMIST LIKE JAGABAN HAD BECOME PRESIDENT IN 1960.. 66YEARS WASTED .. 2 GENERATIONS LOST.. UNFORTUNATELY SOME PEOPLE NEVER STILL GET SENSE...

LAGOSIANS DONT KNOW HOW LUCKY DEY ARE TO HAVE ASIWAJU 26YRS AGO, LITTLE WONDER LAGOS IS NOW MORE DAN HALF OF NIGERIAS GDP..

Looks like na only Yoruba people remain for Nigeria if you observe this Tinubu's appointment pattern.

I am proudly a Yoruba man but I am not proud of Tinubu's style of appointment.

Other tribes should be considered too.

Bola Tinubu should vacate that role as Minister for Petroleum resources and appoint someone who is versed in that industry

All una plan
Lead us well

China song back then

Godfullsam:
Looks like na only Yoruba people remain for Nigeria if you observe this Tinubu's appointment pattern.

I am proudly a Yoruba man but I am not proud of Tinubu's style of appointment.

Other tribes should be considered too.

Yarimo, FreeStuffsNG, Helinues and Seunmsg go soon come for you oooooo

nickxtra:
Nawao!!!
I thought the task force was for the purpose of this fuel price wahala. I just read it to discover it is for another matter entirely

This shows your level of education with what is happening globally is minimal

WEN HE APPOINTED JIM OVIA FOR STUDENT LOAN UNAH NO NOTICE.." D NIGERIAN WAY" TRIBALISM KPAI U DERE

Godfullsam:
Looks like na only Yoruba people remain for Nigeria if you observe this Tinubu's appointment pattern.

I am proudly a Yoruba man but I am not proud of Tinubu's style of appointment.

Other tribes should be considered too.

Eriokanmi:
You see. Those supporting this man won't stop amazing me. He appoint only those who had been working with him since he was governor of lagos.

What’s bad in that? Can you give your house project to someone you don’t trust?

If things go wrong now due to the fact that he appoints incompetent hands, na you online winners go first call him out.

It shows you or any of your line. age don’t merit being appointed into such role.

So stop cra in.

During late Bubu;
President Buhari apoint ..... Muhammad, Abdullahi, Musa, etc


Now ;
President Tinubu apoint.... Adetunde, Adayemi, Adekunle, Olatunde and Olan'iyis 😲🏃🏃🏃

This is the committee here that should been in place before the irreversible damaging statement that has altered the lives of Nigerians forever that "subsidy" is gone !