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Fola Adeola: Nigerian News Sphere highlights things to know about head of Nigeria’s presidential petroleum reform task force

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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 known 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.

Naira continues appreciation against US dollar, gains N35 in four days

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Nigeria’s currency, the naira, continued its upward movement against the United States dollar at the official foreign exchange market on Friday, extending the rally recorded earlier in the week.

Data from the Central Bank of Nigeria (CBN) showed that the naira appreciated to N1,366.23 per dollar on Friday, improving from N1,371.51 recorded on Thursday. This represents a day-to-day gain of N5.28 for the local currency.

 

However, the situation remained unchanged at the parallel market, where the naira traded at N1,440 per dollar, the same rate observed on Thursday.

 

According to DAILY POST, the naira has maintained a steady appreciation at the official foreign exchange market since March 10, gaining a total of N35.17 against the dollar within four days.

 

In contrast, the local currency weakened slightly at the parallel market during the same period, dropping by N20, based on data gathered from several Bureau de Change operators.

 

Meanwhile, Nigeria’s external reserves were recorded at $50.03 billion as of March 11, 2026, indicating a relatively strong reserve position amid the currency’s recent performance.

US announces $10m on new Iranian Supreme Leader, others

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The United States Department of State’s Rewards for Justice program has announced a reward of up to $10 million for information on several Iranian officials it described as “terrorist leaders,” including the newly elected Supreme Leader, Mojtaba Khamenei.

In a notice released on Friday, the United States Department of State said individuals who provide credible information may also be eligible for relocation assistance under the program.

 

According to the statement, the officials are accused of commanding and directing various units of the Islamic Revolutionary Guard Corps (IRGC), which Washington alleges is involved in planning, organizing, and carrying out terrorist activities across the globe.

 

The notice further listed several Iranian figures the United States is seeking information about. They include Esmail Khatib, Iran’s Minister of Intelligence and Security; Ali Asghar Hejazi, Deputy Chief of Staff to the Supreme Leader; and Yahya Rahim Safavi, a major general and senior military adviser.

 

Others named in the notice are Eskandar Momeni, Iran’s Minister of Interior, and Ali Larijani, Secretary of Iran’s Supreme Council.

 

The program urged anyone with relevant information about the officials to come forward, stating that qualifying individuals could receive financial rewards as well as relocation support.

BREAKING: ADC drags Senator Ireti Kingibe to court

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The African Democratic Congress (ADC) in the Federal Capital Territory (FCT) has approached the Federal High Court in Abuja to stop Ireti Kingibe from presenting herself as a member of the party.

 

The legal move comes after the senator was placed on indefinite suspension by the Wuse Ward Executive Committee, a decision announced barely 48 hours before the court action.

 

In the suit filed by the party’s lawyer, Maxwell Opara, the ADC is seeking a declaration affirming that the Wuse Ward Executive Committee has the authority to discipline and suspend members within its jurisdiction.

 

The party is also asking the court to confirm that Kingibe’s suspension remains valid.

 

The plaintiffs, Okezuo Godfrey Kanayo, Chairman of the ADC in Wuse Ward, and Isaiah Ojonugwa Samuel, the ward secretary, filed the suit on behalf of the ward executive committee and themselves.

 

They are requesting the court to declare that while the suspension lasts, Kingibe cannot lawfully claim membership or present herself as a card-carrying member of the ADC.

 

The suit further asks the court to restrain the party’s National Working Committee (NWC) from recognizing Kingibe as a member at any level during the period of her suspension. It also seeks validation of the ward committee’s decision to suspend the senator.

 

The case, marked FHC/ABJ/CS/539/2026, is based on Sections 6(6)(b) and 251 of the 1999 Constitution (as amended), Article 16 of the ADC Constitution, and the Federal High Court (Civil Procedure) Rules 2019.

 

The plaintiffs also urged the court to rely on its inherent powers to interpret and enforce the provisions of the party’s constitution.

 

As of the time the suit was filed, the matter had not yet been assigned to a judge.

BREAKING: Dangote Refinery increases fuel price by N100, fourth time in 12 days

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The Dangote Petroleum Refinery has raised its ex-depot price of petrol to N1,175 per liter again, prompting depot operators in various locations to temporarily suspend sales.

The refinery had earlier reduced the price of Premium Motor Spirit (PMS) by N100 to N1,075 per liter on March 10, 2026, down from the previous N1,175 per liter. Following the earlier reduction, depot operators had begun selling the product at an average of about N1,100 per liter.

However, the latest upward review has led many depot operators to halt sales transactions while awaiting further clarity on the new pricing.

Loading activities at the refinery have also been temporarily suspended as the company reconciles its stock and adjusts operations to align with the updated pricing structure.

 

The adjustment comes amid a surge in global crude oil prices, with Brent crude rising from about $91 to $100 per barrel, a development that has increased the cost of refining petroleum products.

How dare you— Falana slams Trump over US-Israel war with Iran

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Human rights lawyer Femi Falana has strongly criticized United States President Donald Trump over the ongoing war involving the US, Israel, and Iran.

Speaking on Politics Today on Channels Television on Thursday, Falana condemned what he described as aggressive and lawless actions by the US and its allies against Iran.

 

The senior advocate also accused Trump of previously invading Venezuela and allegedly taking its president, Nicolás Maduro, hostage.

 

Falana criticized the US leader for acting without respect for international law and global norms.

 

“Here is a man who can announce to the world that he had invaded Venezuela and he had captured the president and his country. He did this without regard to international principles,” Falana said.

 

He further argued that Trump appeared confused about his objectives in Iran, noting that the US president claimed he wanted to stop the country from developing nuclear power or supporting terrorist groups.

 

“And so he went to Iran with a lot of confused states of mind. He didn’t know what he wanted. He really did not know what should happen in Iran. He wanted to stop Iran, according to him, from developing nuclear power. Maybe he wanted to prevent Iran from arming terrorist groups,” he added.

 

Falana went on to accuse Trump of using violence to pursue political goals, questioning the moral authority of the US leader.

 

“And who is the leading terrorist in the world today? He’s a man who can wake up and say, ‘I am going to kill the head of state of another country,’ because terrorism simply defines his use of violence, mindless violence, to achieve political objectives,” he said.

 

Continuing, the lawyer condemned threats of further violence against Iran’s leadership.

 

“And that is what is going on. I have killed the head of state of a country. I am happy that we have killed the leader of Iran. Now the son has taken over. I am also going to kill the son unless there is total capitulation, unless there is total surrender, and that country must be ready to take instructions from me.

 

“How dare you? Who are you that you have to take over the entire world?”

Nollywood actor Uzor Arukwe speaks about destroying Bambam’s marriage over affair

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Nollywood actor Uzor Arukwe has spoken out about the controversy surrounding his on-screen role with actress and reality star Bamike Olawunmi-Adenibuyan, popularly known as Bambam.

During an interview with BBC Igbo, Arukwe dismissed rumors claiming he had a romantic relationship with the married actress after they appeared together in a film.

 

The actor explained that he was cautious while filming and had a conversation with Bambam about boundaries before performing scenes that involved physical contact. According to him, he wanted to ensure that nothing he did would cause issues in her marriage.

 

“Before I touched her, I asked her if there was any way I could touch her that her husband wouldn’t like or that might cause problems at home,” he said.

 

Arukwe also denied claims that their relationship extended beyond the movie set, revealing that they had not even met before the project.

 

“That movie was the first time I had ever met her. But people started saying we slept together and were dating, which was completely false,” he added.

Nigerian skitmaker Broda Shaggy allegedly shot, hospitalized in Ogun

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Popular Nigerian content creator and influencer Broda Shaggy has been hospitalized after sustaining a gunshot injury in Ogun State.

The incident reportedly occurred on Sunday while he was filming at the Sango Ota bridge. Details surrounding the shooting are still unclear.

He was initially taken to a private hospital in Alakuko, Lagos State, before being referred to another facility in Ikeja for further treatment.

Abimbola Adebisi, Lagos State Police spokesperson, confirmed the report, saying, “The hospital reported to the command that a gunshot victim was brought to their facility, and we discovered it was Broda Shaggy when we visited the hospital,” according to The Sun.

I am sorry—King Mitchy apologizes to Seyi Tinubu, Onni of Ife, VeryDarkMan

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Popular social media personality King Mitchy has apologized to Nigerians following backlash over a recent live video in which she admitted to taking a substance while on air.

In a video shared on her Instagram page, Mitchy said she had reflected on her actions and accepted responsibility, admitting that what she did was wrong, particularly because many young girls look up to her.

 

“I’m ready to be held accountable for my actions. For some days I’ve thought about my behavior, and I know that I was wrong,” she wrote.

 

She acknowledged that taking the substance during the live session was inappropriate and expressed regret for disappointing her followers.

 

“I want to be held accountable for the substance I took on live video. That was very wrong of me because there are young girls that are looking up to me one day, and I know I disappointed a lot of people,” she added.

 

Mitchy also publicly apologized to Seyi Tinubu, whom she described as her boss, noting that although she had apologized privately, she felt it was necessary to do so again publicly since the incident happened in the public space.

 

“My boss, ST Seyi Tinubu, I’m so sorry. I know I apologized privately, but I did not disrespect you privately. I disrespected you publicly, so I want to apologize publicly. I’m so sorry, sir,” she said.

 

She further extended an apology to Adeyeye Enitan Ogunwusi for mentioning his name during the controversy.

 

“To the Ooni of Ife, I’m so sorry for bringing your name into this, Daddy,” she stated.

 

Mitchy also addressed activist Martins Vincent Otse, acknowledging his advocacy and expressing regret for confronting him earlier.

 

“To VeryDarkMan, my brother, I see what you’re fighting for; you’re fighting for Nigeria, and we can make Nigeria a better place. I’m sorry for coming at you like that. Maybe now I understand you better,” she said.

 

She concluded by noting that the activist needs more support rather than opposition in his efforts.

 

“You need more supporters, not people to fight you. I’m sorry, my brother. Thank you,” Mitchy added.

Nigerian naira extends appreciation against US dollar

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The naira extended its gains against the US dollar at the official foreign exchange market on Thursday, data from the Central Bank of Nigeria (CBN) has shown.

According to figures released by the apex bank, the local currency appreciated to N1,371.51 per dollar on Thursday, compared with N1,376.19 recorded on Wednesday.

The latest figure represents a day-to-day gain of about N4.7 for the naira at the official market.

In contrast, the naira depreciated at the parallel market, where it traded at N1,440 per dollar on Thursday, weakening from the N1,330 per dollar recorded the previous day.

Meanwhile, Nigeria’s external reserves continued their upward trend, climbing to $50.03 billion as of March 11, 2026.

The development follows a similar performance on Wednesday, when the naira also appreciated against the dollar at the official foreign exchange market.

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