Tinubu Appoints GTB Co-Founder Adeola to Lead Petroleum Reform Taskforce

President Bola Tinubu has set up a Presidential Petroleum Reform and Value Optimisation Taskforce to plan the next phase of reforms in Nigeria’s petroleum sector. The taskforce was announced on Friday, with Fola Adeola, the co-founder of Guaranty Trust Bank and founder of the Fate Foundation, appointed as its chairman.

The announcement was made through a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga. According to the statement, the taskforce will operate as a temporary high-level working group responsible for preparing detailed plans for reforms in the petroleum industry.

The group has been given a defined period to complete its work and present practical reform proposals for implementation.
The taskforce includes several members drawn from different professional backgrounds. They are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella.

Mofoluwasho Fadayomi will serve as the secretary of the group.
The new body has been given the responsibility of building on reforms already introduced in the petroleum sector.

It is also expected to explore ways to attract investment into the industry and improve Nigeria’s position in the global energy market. The taskforce will function mainly as a technical body that focuses on policy design and implementation strategies while consulting with industry players, regulators, investors, and civil society groups.

The taskforce will report directly to the President and submit regular progress reports. An interim report is expected after three months, while the final report will be submitted within six months after the taskforce begins work.

Tinubu has asked the taskforce to produce three main reform plans. The first will focus on immediate structural changes in the sector, including proposals for new laws, executive actions, and adjustments in institutional arrangements.

The second plan will concentrate on attracting between five and ten billion dollars in investment and liquidity into the petroleum industry while protecting the country’s interests.

The third plan will involve a ten-year national energy strategy. This plan will outline goals for crude oil production, foreign exchange earnings, contribution of the sector to the country’s gross domestic product, and measures to improve cost efficiency in the industry.

The President has also directed all government ministries, departments, agencies, regulators, and related institutions to support the taskforce with the information and technical assistance required for its work.

These bodies have also been instructed to provide details of any existing programmes or initiatives in the sector so that the new reform plans can align with ongoing activities.

In addition, all committees, teams, and groups currently involved in petroleum sector reforms have been asked to align their activities and reporting structure with the new taskforce. The directive is intended to create coordination and avoid overlapping responsibilities among different groups working in the sector.

The government also directed that all relevant documents, past records, and ongoing projects connected to petroleum reforms should be made available to the taskforce to support its work.

The creation of the taskforce forms part of the administration’s broader effort to reform the petroleum industry and improve the management of the country’s energy resources. The sector has already experienced changes under the current administration, including the removal of petrol subsidy, the unification of foreign exchange windows, and steps aimed at increasing crude oil production from about one million barrels per day to around 1.5 million barrels per day.

Fola Adeola, who will lead the taskforce, is a chartered accountant and businessman. He co-founded Guaranty Trust Bank in 1990 and served as the bank’s first managing director until 2002. He later established the Fate Foundation to support entrepreneurship and business development in Nigeria.

The taskforce will automatically end its work after submitting its final report and once the government accepts its recommendations.