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.rnThe industry has been very badly run for years. On September 21st a federal budget report said that the corporation had somehow failed to remit 647 billion naira (almost $5.2 billion) expected by the treasury last month. Production in June fell to 750,000 barrels a day, far below its capacity of 3m b/d.
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