President Bola Tinubu has established the Presidential Petroleum Reform and Value Optimisation Taskforce to drive the next phase of structural reforms in Nigeria’s petroleum sector, appointing prominent banker Fola Adeola as its chairman.
Adeola, co-founder of Guaranty Trust Bank (GTBank) and founder/chairman of the FATE Foundation, will lead the high-level, time-bound working group.
The taskforce is tasked with designing and sequencing reforms to consolidate ongoing changes, unlock investment capital, enhance transparency, boost competitiveness, and position Nigeria as a top global energy investment destination.
According to a statement from presidential spokesman Bayo Onanuga, the group will produce execution-ready reform blueprints, including an implementation toolkit and strategies to address key sector challenges.
It will report directly to the President with monthly progress updates.
Other members of the taskforce include:
Ademola Adeyemi-Bero
Osagie Okunbor
Abubakar Suleiman
Adaeze Aguele
Farouk Gumel
Phillipa Osakwe-Okoye
Seyi Bella
Mofoluwasho Fadayomi has been appointed as secretary.
The initiative aligns with the Tinubu administration's broader efforts to deepen petroleum industry reforms following recent policy moves, such as executive orders aimed at safeguarding revenues and providing regulatory clarity.
The taskforce is expected to deliver its key outputs within a six-month timeframe.
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