Buhari backs down, supports regulator’s rejection of Seplat’s purchase of ExxonMobil asset

President Muhammadu Buhari has reversed his authorisation of Seplat Energy’s takeover of ExxonMobil’s shallow water business in Nigeria, throwing his weight instead behind the regulator’s decline of the $1.3 billion transaction.

A spokesperson said the president decided the position of the Nigerian Upstream Petroleum Regulatory…