President Bola Ahmed Tinubu, on Friday, appointed Fola Adeola as chairman of a nine-member Presidential Petroleum Reform and Value Optimization Task Force to design and coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
The appointment was announced in a statement by presidential spokesperson, Bayo Onanuga on Friday.
Fola chairs the committee alongside reputable industry and financial sector experts, including Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella.
Mofoluwasho Fadayomi will serve as secretary.
President Tinubu tasked the committee with producing execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination.
The committee’s establishment comes after President Tinubu announced Presidential Executive Order 09 on February 13, 2026, that mandates direct remittance of all government petroleum revenue to the federation account.
DAILY POST highlights important things to know about Fola Adeola:
Aside from being born on January 13, 1953, and being an alumnus of Methodist Boy’s High School, Lagos, and Yaba College of Technology, he is the co-founder of one of Nigeria’s biggest banks, Guarantee Trust Holding Company, owner of Guaranty Trust Bank, together with Tayo Aderinokun in 1990. He served as Chief Executive Officer and Managing Director of GTB until 2002.
He is also the founder of FATE Foundation and chairman of Main One, Nigeria’s leading telecom company.
In the public sector, Fola served as the past board chairman of the National Pension Commission from December 2004 to June 2006. He chaired the Lagos State Disaster Relief Committee.
Politically, he was the vice-presidential candidate of the Action Congress of Nigeria (ACN), serving as running mate to former Economic and Financial Crimes Commission (EFCC) chairman Nuhu Ribadu in the 2011 presidential elections.
Fola Adeola: Things to know about chairman of presidential petroleum reform task force
