Abuja – In a move aimed at accelerating structural changes in Nigeria's vital petroleum industry, President Bola Ahmed Tinubu has established the Presidential Petroleum Reform and Value Optimisation Taskforce. The high-level body, announced on March 13, 2026, by presidential spokesman Bayo Onanuga, is tasked with designing and sequencing the next phase of reforms to enhance competitiveness, transparency, and investment appeal in the sector.
Leading the taskforce as chairman is Mr. Fola Adeola, a renowned chartered accountant, entrepreneur, and co-founder of Guaranty Trust Bank (GTBank). Adeola, who served as the bank's pioneer managing director from its inception in 1990 until 2002, is also the founder and chairman of the FATE Foundation, a prominent organisation supporting entrepreneurship and youth empowerment in Nigeria.
The taskforce is described as a time-bound, executive working group that will produce execution-ready reform blueprints. Its primary goals include consolidating ongoing reforms under the Petroleum Industry Act (PIA), unlocking trapped capital within the sector, and positioning Nigeria as a top global destination for energy investments. The group will report directly to the President and submit monthly progress updates, with automatic dissolution upon delivery and acceptance of its final report.
Other members of the eight-person taskforce include industry experts and professionals:
- Ademola Adeyemi-Bero
- Osagie Okunbor
- Abubakar Suleiman
- Adaeze Aguele
- Farouk Gumel
- Phillipa Osakwe-Okoye
- Seyi Bella
Mofoluwasho Fadayomi will serve as secretary to coordinate administrative functions.
Adeola's appointment draws on his extensive experience in building one of Nigeria's most successful financial institutions from the ground up. His track record in leadership, innovation, and private-sector development is expected to bring fresh perspectives to the petroleum sector, which has long faced challenges such as underinvestment, regulatory hurdles, and production inefficiencies despite being Africa's largest oil producer.
This initiative aligns with President Tinubu's broader economic agenda to boost crude oil output targets (aiming for higher production levels in coming years) and attract significant foreign and domestic capital to the upstream, midstream, and downstream segments. Recent reforms, including the full deregulation of fuel prices and efforts to revive local refining capacity, have set the stage for deeper value optimisation.
Analysts view the taskforce as a strategic step to address persistent issues like capital flight, joint venture funding gaps, and the need for clearer policy frameworks to encourage exploration and production. With Adeola's private-sector expertise at the helm, the group is poised to recommend practical, investor-friendly measures that could unlock billions in potential investments.
The Presidency has urged stakeholders in the oil and gas industry to support the taskforce's work, emphasising that the reforms are critical for sustainable growth, job creation, and revenue diversification in Nigeria's economy.
As the taskforce begins its operations, expectations are high that its recommendations will build on existing progress and deliver tangible improvements to one of the country's most important economic pillars.
This development was widely reported across major Nigerian media outlets on March 13–14, 2026, reflecting the significance of the appointment in ongoing efforts to revitalise the petroleum sector.
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