Tinubu Launches Task Force for Petroleum Sector Reform

President Bola Tinubu has unveiled a petroleum reform task force aimed at restructuring Nigeria's oil sector. The task force, co-chaired by Fola Adeola, founder of Guaranty Trust Bank, will operate as a time-bound executive group responsible for producing a reform blueprint.

Members include notable figures such as Bayo Onanuga and Ademola Adeyemi. The task force's objectives include delivering three major reform blueprints within six months, focusing on immediate structural fixes, unlocking $5 billion to $10 billion in capital, and developing a 10-year energy transformation strategy.

The task force will engage with industry stakeholders and report directly to the president, providing monthly progress updates and an interim report in three months. This initiative reflects the administration's commitment to transforming Nigeria's petroleum industry into a competitive and transparent sector that can drive long-term economic growth.