By Hannah Tedunjaye
In a bold step aimed at revitalising Nigeria’s most critical economic sector, President Bola Ahmed Tinubu has inaugurated a high-powered Presidential Petroleum Reform and Value Optimisation Taskforce, a move designed to reposition the nation’s oil and gas industry for greater transparency, competitiveness, and long-term prosperity.
The announcement, made on March 13, 2026, marks a significant milestone in the administration’s sweeping efforts to reform the petroleum sector and restore public confidence in the management of the country’s oil revenues. The initiative follows the landmark Executive Order issued in February 2026, which mandates the direct remittance of oil and gas revenues into the Federation Account, an effort widely seen as a decisive move to plug revenue leakages and strengthen fiscal accountability.
At the centre of the newly established taskforce is renowned banker and entrepreneur Fola Adeola, who will serve as chairman. Adeola, the co-founder of Guaranty Trust Bank and founder of the FATE Foundation, is widely respected for his role in building globally competitive financial institutions and empowering thousands of Nigerian entrepreneurs. His appointment signals the government’s intention to bring strong private-sector expertise into the reform process.
Joining him on the taskforce is an elite team of respected industry leaders and strategic thinkers drawn from across Nigeria’s energy, finance, and investment landscape.
Among them is Ademola Adeyemi-Bero, Founder and Chief Executive Officer of FIRST Exploration & Petroleum Development Company and Nigeria’s Governor to Organization of the Petroleum Exporting Countries, who also chaired the organisation’s Board of Governors in 2025.
His experience in upstream exploration and international energy diplomacy is expected to play a key role in shaping the taskforce’s strategic outlook.
The team also includes Osagie Okunbor, former Managing Director and Country Chair of Shell Petroleum Development Company of Nigeria, whose nearly four-decade career in the oil industry saw him oversee major deep-water and gas investment projects.
From the financial sector, Abubakar Suleiman, Chief Executive Officer of Sterling Bank, brings expertise in innovative financing and economic policy advocacy.
Other members of the taskforce include investment and industry leaders Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella.
Farouk Gumel currently serves as Group Executive Director and Vice Chairman for Africa at Tropical General Investments Group, bringing significant experience in large-scale investments and strategic industrial development.
Providing administrative coordination for the initiative is Mofoluwasho Fadayomi, who will serve as the taskforce secretary.
Unlike traditional government committees often built on institutional representation, the new taskforce has been structured as a lean, action-driven technical body. Its mandate is to work closely with industry operators, regulators, investors, and civil society groups to craft practical, execution-ready strategies that will consolidate recent reforms, unlock stranded investments, and reposition Nigeria as a top destination for global energy capital.
Tinubu has charged the taskforce with delivering three key outcomes, including an Implementation Toolkit for Immediate Structural Fixes, which will contain draft legislative amendments, executive orders, and institutional reforms aimed at accelerating transformation within the petroleum industry.
The formation of the taskforce underscores the administration’s determination to strengthen governance in Nigeria’s oil sector, optimise the value of petroleum resources, and ensure that the wealth generated from the country’s vast energy reserves translates into tangible economic benefits for all Nigerians.
With a team drawn from the highest ranks of business, finance, and energy leadership, observers say the initiative could mark a turning point in Nigeria’s long-running quest to modernise its petroleum industry and secure sustainable growth in the years ahead.
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