The panel is headed by Honourable Justice Biobele Georgewill with Barinua Keenam as its secretary.
Other members of the commission include Ejike Iwediba, Iboroma Akpana, Baribura Gbaragbo, Chief Goddy Agbaraosimini, Chief Desmond Nwosu, Uba Agadagba and Mrs Asivosu Oriye as counsel.
The panel has three months within which it will submit its report.
Representing Governor Rotimi Amaechi at the inauguration, the state deputy governor, Tele Ikiru, charged the panel to investigate the remote and immediate causes of the crisis.
However, the Rivers State leadership of the Peoples Democratic Party (PDP), has rejected the inauguration of the panel saying the governor cannot be a judge in his own case.
Chairman of PDP in the state, Mr. Felix Obuah, who spoke through his Special Adviser on Media, Jerry Needam, said “Amaechi is a principal suspect in the matter. Above all, the matter is before the Senate. The Senate will give its report on Wednesday; so, his action is pre-empting the decision of the Senate Committee.”