Tinubu taps GTB co-founder Adeola to drive petroleum sector overhaul

PRESIDENT Bola Tinubu has launched a Presidential Petroleum Reform and Value Optimisation Taskforce to chart the next stage of reforms in Nigeria’s petroleum industry.

Co-founder of Guaranty Trust Bank and founder of the Fate Foundation, Mr Fola Adeola, has been named chairman of the task force. The announcement came on Friday from President’s Special Adviser on Information and Strategy, Mr Bayo Onanuga.

The task force is designed as a high-powered, time-bound technical team responsible for producing actionable reform plans. Its members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi acting as secretary.

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According to the government statement, the task force will synchronise ongoing reforms, attract new investment, and position Nigeria as a leading destination for global energy capital.

“The creation of this body signals the President’s goal to make the petroleum sector more efficient, transparent, and capable of generating long-term economic value,” the statement said.

The task force will not function as a representative committee but as a specialised reform engine, consulting with industry operators, regulators, investors, and civil society while prioritising policy design and implementation. Progress reports will be submitted monthly, with an interim report due in three months and a final report within six months.

President Tinubu has tasked the group with producing three key reform blueprints: Implementation toolkit for immediate structural fixes – including proposed legislative changes, executive directives, and recommendations for restructuring institutions; capital & liquidity acceleration blueprint – aimed at unlocking $5bn–$10bn in sector funds while protecting Nigeria’s sovereign interests; and national energy transformation strategy – a 10-year plan with specific targets for crude output, foreign exchange earnings, GDP contribution, and cost efficiency.

All relevant government agencies, ministries, regulators, and institutions are expected to provide full support and submit inventories of current initiatives to ensure alignment with the task force’s work. Existing committees and teams within the petroleum sector have also been instructed to coordinate their activities with the new task force to eliminate overlap and strengthen institutional clarity.

The president directed that all existing documentation and ongoing initiatives be made available to the task force to facilitate the development of a comprehensive reform framework.

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Mr Onanuga described the task force as “a strategic presidential instrument to accelerate petroleum reforms, optimise national energy resources, and lay the foundation for sustainable economic transformation,” noting that the body will automatically dissolve once its final report is submitted and approved.

Adeola, a chartered accountant and entrepreneur, co-founded GTB in 1990, serving as its first managing director until 2002. He also launched the Fate Foundation in 2000, promoting entrepreneurship and wealth creation in Nigeria.

The Tinubu administration has already implemented key reforms in the petroleum sector, including removing petrol subsidies and plans to achieve refining efficiency through Dangote Petroleum Refinery.