On 7 May 1972, Maga ceded power to Ahomadégbé. On 26 October 1972, Lt. Col. Mathieu Kérékou overthrew the ruling triumvirate, becoming president and stating that the country would not "burden itself by copying foreign ideology, and wants neither Capitalism, Communism, nor Socialism". On 30 November 1974 however, he announced that the country was officially Marxist, under control of the Military Council of the Revolution (CMR), which nationalized the petroleum industry and banks. On 30 November 1975, he renamed the country to the People's Republic of Benin.