Nigeria replaces state-run oil company execs

AP News
Posted: Jun 26, 2012 6:53 PM
Nigeria replaces state-run oil company execs

ABUJA, Nigeria (AP) — Nigeria's president has replaced executives of the oil-rich West African nation's state-run oil company.

A spokesman for President Goodluck Jonathan said in a statement late Tuesday that he has replaced seven top executives of the Nigerian National Petroleum Corporation.

A recent probe by lawmakers uncovered that a fuel subsidy program that had kept the price of gasoline low in Nigeria for more than two decades wasted billions of dollars.

It called for $6.7 billion to be repaid by the corporation, importers and other agencies.

It also accused the corporation of giving companies approval to import gas without providing any real oversight.

Nigeria, a top supplier of crude oil to the U.S., imports much of its gasoline.

Years of graft and mismanagement have left its refineries in a decrepit state.