Nigeria: President Jonathan accepts resignations of execs of state oil NNPC

Nigeria President Goodluck Jonathan. PHOTO/File

The president of Nigeria Goodluck Jonathan has requested and accepted the resignations of the executives of the oil-rich West African nation’s state-run oil company the Nigerian National Petroleum Corporation (NNPC).

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 US$6.7 billion to be repaid by the corporation, importers and other agencies.

It also accused the corporation of giving companies in Nigeria and abroad 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 refineries in Nigeria in a decrepit state.

This is one of many moves to rid the industry and Nigeria at large the cripling corruption that has stifled growth in this promising country.

Copyright 2012 The Associated Press