President Bola Ahmed Tinubu has appointed Fola Adeola as chairman of a nine-member Presidential Petroleum Reform and Value Optimisation Task Force tasked with advancing structural reforms in Nigeria’s petroleum sector.

The appointment was announced on Friday in a statement by presidential spokesperson Bayo Onanuga.

According to the statement, the committee will design and coordinate the next phase of reforms aimed at strengthening efficiency in the petroleum industry and attracting greater investment into the sector.

Other members of the task force include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella, while Mofoluwasho Fadayomi will serve as secretary.

President Tinubu directed the committee to produce actionable reform plans that will consolidate ongoing changes in the petroleum sector, unlock capital, and position Nigeria as a leading global energy investment destination.

The task force was established following the signing of Presidential Executive Order 09 on February 13, 2026, which mandates the direct remittance of all government petroleum revenues into the federation account.

Adeola, born January 13, 1953, is widely known as the co-founder of Guaranty Trust Holding Company alongside Tayo Aderinokun in 1990. He served as Managing Director and Chief Executive Officer of Guaranty Trust Bank until 2002.

He is also the founder of the FATE Foundation and currently chairs MainOne.

In public service, Adeola previously served as chairman of the National Pension Commission between 2004 and 2006 and led the Lagos State Disaster Relief Committee.

Politically, he was the vice-presidential candidate of the Action Congress of Nigeria in the 2011 elections, running alongside former Nuhu Ribadu.