Tinubu Appoints Fola Adeola to Reform Nigeria's Oil Sector

President Bola Tinubu has appointed Fola Adeola, co-founder of Guaranty Trust Bank, to lead a new task force focused on reforming Nigeria's petroleum sector. This initiative aims to address key issues within the sector, with a commitment to deliver results within six months.

The task force has three primary assignments: proposing immediate fixes, including changes to laws and governance structures; creating a financial plan to unlock between $5 billion and $10 billion for the sector; and producing a 10-year strategy that sets clear targets for oil production and foreign exchange earnings. The team will report directly to President Tinubu and provide monthly updates, with an initial report expected within three months.

Adeola's selection is based on his proven track record in building Nigeria's leading financial institution and his experience in major national reforms, including the pension system and support for small businesses.