By Oke Peter
Business leader and co-founder of Guaranty Trust Bank, Fola Adeola, has been appointed to lead a Presidential Task Force on the petroleum sector as part of efforts to strengthen reforms and boost efficiency in Nigeria’s oil and gas industry.
The appointment was approved by President Bola Ahmed Tinubu, who mandated the task force to provide strategic direction on key challenges affecting the sector, including investment growth, operational efficiency, and improved governance across the petroleum value chain.
According to sources familiar with the development, the task force is expected to work closely with relevant government agencies and industry stakeholders to develop recommendations aimed at accelerating production, strengthening regulatory coordination, and attracting fresh investment into the upstream, midstream, and downstream segments of the industry.
Adeola, a respected banker and public policy advocate, is widely regarded for his role in building one of Nigeria’s leading financial institutions and for his contributions to economic policy discussions. His appointment is seen by analysts as part of the administration’s effort to bring private sector expertise into government-led reforms.
The presidential task force will also focus on addressing structural issues affecting the sector, including crude oil theft, infrastructure constraints, and the need to improve transparency and accountability in the management of petroleum resources.
Industry observers say the initiative underscores the government’s determination to reposition Nigeria’s oil and gas sector as a major driver of economic growth, while ensuring that reforms deliver tangible benefits for investors and the broader economy.
