Tinubu Launches Seven-Member Petroleum Reform Taskforce

President Bola Tinubu has approved the formation of a seven-member Petroleum Reform Taskforce designed to guide the next stage of reforms in Nigeria's oil and gas sector. The taskforce, chaired by Bayo Onanuga, aims to create a practical reform plan that will strengthen the industry and boost Nigeria's position as a key global energy destination.

Fola Adeola, co-founder of Guaranty Trust Bank, will coordinate the team's activities to ensure timely delivery of its objectives. Other members include Ademola Adeyemi, Bero Osagi, Okunbor Abubakar, Suleiman Adaez, Aguel Farouk, Gumel Phillipa, Osakw Okoy, Seyi Bella, and Mofoluwasho Fadayomi, who will serve as the taskforce's secretary.

The taskforce is expected to deliver three major reform plans within a six-month timeframe, including immediate structural fixes, a blueprint to unlock $5-10 billion in sector liquidity, and a ten-year national energy transformation strategy. The taskforce will report directly to the president and is expected to submit monthly progress updates.