President Bola Ahmed Tinubu on Friday appointed Fola Adeola as chairman of a nine-member Presidential Petroleum Reform and Value Optimization Task Force charged with designing and coordinating the next phase of structural reforms in Nigeria’s petroleum sector.
The appointment was announced in a statement issued by presidential spokesperson Bayo Onanuga.
Adeola will lead the committee alongside prominent figures from the energy and financial sectors, including Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella. Mofoluwasho Fadayomi will serve as the secretary of the task force.
President Tinubu mandated the committee to develop execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking capital in the petroleum sector, and strengthening Nigeria’s position as a leading global destination for energy investment.
The establishment of the task force follows the president’s signing of Presidential Executive Order 09 on February 13, 2026, which directs the direct remittance of all government petroleum revenues to the Federation Account.
Nigerian Newssphere in this report highlights important things to know about Fola Adeola.
Things To Know About Fola Adeola
Adeola, born on January 13, 1953, attended Methodist Boys’ High School, Lagos, and Yaba College of Technology.
He is widely known as the co-founder of Guaranty Trust Bank alongside Tayo Aderinokun in 1990. The bank operates under Guaranty Trust Holding Company, one of Nigeria’s largest financial institutions. Adeola served as the bank’s managing director and chief executive officer until 2002.
Beyond banking, he founded the FATE Foundation and currently serves as chairman of Main One, a major telecommunications company in Nigeria.
In the public sector, Adeola previously served as chairman of the board of the National Pension Commission between December 2004 and June 2006. He also chaired the Lagos State Disaster Relief Committee.
Politically, he was the vice-presidential candidate of the Action Congress of Nigeria in the 2011 presidential election, running alongside former chairman of the Economic and Financial Crimes Commission, Nuhu Ribadu.