By Peace Udugba -The daily torch media
President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to drive the next phase of reforms in Nigeria’s petroleum sector.
The taskforce, described as a time-bound executive body, is expected to develop practical strategies to strengthen the industry and enhance Nigeria’s standing as a major global energy hub.
According to a statement issued by presidential spokesman Bayo Onanuga, the team will be chaired by banker and entrepreneur Fola Adeola, who will coordinate its activities and ensure the timely delivery of its mandate.
Other members 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.
The taskforce is expected to engage industry stakeholders, regulators, investors, and civil society groups to design policies that can be implemented swiftly. It will submit monthly progress reports to the President, with an interim report due after three months and final recommendations expected within six months of inauguration.
Among its key deliverables are an implementation toolkit for urgent structural reforms, a capital and liquidity blueprint aimed at unlocking between $5 billion and $10 billion for the sector, and a ten-year National Energy Transformation Strategy with measurable targets.
All relevant government agencies and existing petroleum sector committees have been directed to align with the taskforce’s work and provide necessary documentation to ensure effective coordination. The body will dissolve automatically after submitting and securing approval for its final report.
