Nigeria's new president is immediately dissolving the board of the state oil company from which billions of dollars is missing.

A statement Friday announced the move for the government agency in charge of nearly all aspects of the country's 200 million barrel-a-day oil industry that is the seventh largest in the world.

The former Central Bank director last year largely blamed the Nigerian National Petroleum Co. for missing revenues of about $20 billion.

President Muhammadu Buhari was inaugurated May 29 and has promised to halt the corruption that keeps the majority of Nigeria's 170 million people in deep poverty and to recover stolen loot.