Why Tinubu’s New High-Powered Petroleum Task Force Reports Directly To The President

Why Tinubu’s New High-Powered Petroleum Task Force Reports Directly To The President

President Bola Ahmed Tinubu has approved the establishment of the Presidential Petroleum Reform & Value Optimisation Taskforce as a move to fundamentally overhaul the nation's economic engine.

The announcement, made on Friday, March 13, 2026, shows a shift from broad policy discussions to "execution-ready" structural fixes aimed at making Nigeria the premier global destination for energy investment.

The Taskforce is not merely a consultative committee; it is a time-bound technical body charged with delivering three massive pillars of reform within the next six months:

President Tinubu has appointed Mr. Fola Adeola, the renowned co-founder of Guaranty Trust Bank (GTB) and founder of Fate Foundation, to chair the group. The appointment of a banking heavyweight underscores the administration's focus on "Value Optimisation" and financial transparency.

The Taskforce Membership includes:

 Chairman: Fola Adeola

 Secretary: Mofoluwasho Fadayomi

 Key Members: Ademola Adeyemi-Bero, Osagie Okunbor (Shell Nigeria Chair), Abubakar Suleiman (Sterling Bank CEO), Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella.

Unlike traditional committees that report through ministries, this group will report directly to President Tinubu. They are mandated to provide monthly progress memoranda, with an interim report due in June 2026 and final outputs by September 2026.

To ensure total alignment, the President has ordered all existing petroleum reform teams and agencies to merge their work programmes with this new Taskforce, effectively eliminating the duplication of mandates that has previously slowed down the implementation of the Petroleum Industry Act (PIA).

This move comes just weeks after Executive Order No. 9 (February 2026), which mandated that all oil and gas revenues be remitted directly to the Federation Account. By bringing in private-sector experts like Adeola and Suleiman, the Presidency is attempting to bridge the gap between government policy and investor confidence.

The initiative reflects the President's commitment to transforming Nigeria's petroleum industry into a more competitive, transparent, and value-maximising sector." ~Bayo Onanuga, Special Adviser on Information and Strategy.