Nigeria's new oil chief Emmanuel Ibe Kachikwu announces restructuring & audit

Dr. Emmanuel Ibe Kachikwu (R), the new managing director of the Nigerian National Petroleum Corp (NNPC), shakes hands with the former Group Managing Director of NNPC, Dr. Joseph Thlama Dawha during a handover ceremony in Abuja, Nigeria, in this August 5, 2015 handout photograph made available to Reuters August 6, 2015.

The new head of the Nigerian National Petroleum Corp said on Thursday that he had started a three-pronged restructuring of the state-owned company that should lead to “a new NNPC”.

President Muhammadu Buhari appointed Emmanuel Kachikwu last week with a brief to root out corruption and mismanagement at the NNPC, which has been accused of failing to account for tens of billions of dollars in recent years.

The former Exxon Mobil executive has already dismissed all of the company’s executive directors and other top layers of management.

“There’s a people aspect which we are dealing with now,” he said after a meeting with Buhari. “After the people at the right places, we are going to get a forensic audit done … that will cover us all the way to 2014, 2015.”

Read more: Nigeria’s new oil chief announces restructuring, audit | Reuters