Manny Ita –
The Federal Government has inaugurated a Presidential Petroleum Reform and Value Optimisation Taskforce to design the next phase of structural reforms in Nigeria’s oil and gas sector, appointing banker and business leader Fola Adeola as chairman of the team.
Officials said the taskforce has been mandated to review the current operational structure of the petroleum industry and recommend strategies to improve efficiency, maximise value from national hydrocarbon resources and strengthen investor confidence in the sector.
The inauguration of the team forms part of broader reform efforts under President Bola Tinubu aimed at repositioning the oil and gas industry for long-term sustainability and economic growth.
According to government officials familiar with the development, the taskforce will focus on identifying bottlenecks across the petroleum value chain, from exploration and production to refining, distribution and export.
An official involved in the process said the committee will also examine ways of improving governance, transparency and value optimisation within state institutions operating in the petroleum industry, including the Nigerian National Petroleum Company Limited.
“The assignment of the taskforce is to carefully review the existing structure of the sector and propose reforms that will ensure Nigeria derives maximum value from its petroleum resources while remaining competitive in the global energy market,” the official said.
The team is expected to consult widely with industry stakeholders, regulatory bodies, investors and international partners in order to develop a comprehensive roadmap for the next phase of reforms.
Another government source said the choice of Adeola to chair the taskforce reflects the administration’s intention to bring private-sector experience into the reform process. “His background in corporate governance, finance and institutional development is considered valuable in shaping reforms that can unlock greater efficiency and investment,” the source said.
Adeola is widely known as a co-founder of Guaranty Trust Bank, one of Nigeria’s leading financial institutions, and has served in several advisory and leadership roles in both the public and private sectors.
Officials said the taskforce will submit policy recommendations to the Presidency after completing its consultations and sectoral assessments.
Industry analysts say the initiative could play a significant role in shaping the future direction of Nigeria’s petroleum industry, particularly as the government seeks to strengthen implementation of the Petroleum Industry Act and accelerate reforms aimed at boosting production, refining capacity and sector transparency.
