Nigeria’s new president, Umaru Yar’Adua abolishes Nigerian National Petroleum Corporation: sets up five new companies instead after $5.2 billion goes missing

The Nigerian National Petroleum Corporation, for decades a source of corruption and national shame, is to be abolished by Nigeria’s new president, Umaru Yar’Adua, and replaced by five new companies. The president, who will head a special oil council to oversee the changes, says he wants the reforms completed in six months. It would be an astonishing achievement if it happens and works. The industry has been very badly run for years. The new government, formed only two months ago, has been admirably quick to take action. It has awarded a contract worth $52m to fix damaged pipelines in the Delta region and promised to get refineries working again by December, reported The Economist, (29/9/2007), p. 48.