President Bola Tinubu has appointed Fola Adeola as chairman of a new Presidential Petroleum Reform and Value Optimisation Task Force.
The group will plan the next phase of reforms in Nigeria’s petroleum sector, according to a statement released on Friday by the President’s Special Adviser on Information and Strategy Bayo Onanuga.
Mr Adeola is the co-founder of Guaranty Trust Bank (GTB) and the founder of FATE Foundation.
He will coordinate the work of the group and oversee the delivery of its mandate.
Other members of the task force are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella.
Mofoluwasho Fadayomi will serve as secretary.
The task force is expected to produce reform plans that will build on existing policies and address issues in the petroleum sector.
It will work with operators, regulators, investors and civil society groups during the process.
The group will report to the president and submit monthly progress updates.
It will present an interim report after three months and a final report within six months of its inauguration.
The task force is expected to deliver three reform plans.
One of them is an implementation toolkit that will include proposals for legislative amendments, executive actions and institutional restructuring.
Another plan will focus on measures aimed at unlocking between $5 billion and $10 billion in liquidity in the sector while protecting Nigeria’s interests.
The third plan will outline a national energy transformation strategy with targets for production, foreign exchange earnings and contribution to the economy over 10 years.
Tinubu has directed ministries, departments, agencies and regulators in the sector to provide technical support to the task force and submit records of ongoing initiatives to ensure coordination.
He also directed committees and working groups involved in petroleum sector reforms to align their work with the task force.
The task force will dissolve after submitting its final report and the report will be accepted.
