Atiku Abubakar
Atiku Abubakar

Why I sold off my shares at Intels – Atiku

NEWS DIGEST – Former Vice President Atiku Abubakar has made public his reasons for selling his shares at the Integrated Logistics Services Nigeria Limited, Intels.

In a statement by his Media Adviser, Paul Ibe, the former vice-president who is a co-founder of Intels, said he started selling the shares in the last five years.

According to him, he took the decision “because this Government has been preoccupied with destroying a legitimate business that was employing thousands of Nigerians because of politics”.

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The statement said: “Co-founder of Integrated Logistics Services Nigeria Limited (Intels), Atiku Abubakar, has been selling his shares in Intels over the years.

“It assumed greater urgency in the last five years, because this Government has been preoccupied with destroying a legitimate business that was employing thousands of Nigerians because of politics.

“There should be a marked difference between Politics and Business.

“Yes, he has sold his shares in Intels and redirected his investment to other sectors of the economy for returns and creation of jobs,” the statement added.

Recall that the oil and gas logistics company had earlier disclosed that it severed ties with the former vice-president.

The company said it severed ties with Mr Abubakar and his family after the former Vice President sold off his shares and exited the company last year.

Intels spokesman, Tommaso Ruffinoni, said in a statement that Abubakar, through his trust named Guernsey Trust International, sold shares of Orlean-Invest Group, Intels parent company, between December 2018 and January 2019, for a sum of approximately 60 million dollars.

“In the period between April and May 2020, Abubakar converted his remaining shares into a convertible bond that he subsequently monetised up to a residual sum of approximately 29 million dollars.

“When he requested to cash in the above mentioned sum, our Group contested to Abubakar a debt, towards our Group, of 24.1million dollars.

“Without having received any answer regarding the matter, on Nov. 30, 2020 Abubakar was informed about the set off of such sum while we made available the remaining sum of 5.4 million dollars.

“With the completion of the above mentioned transactions, the era of Abubakar family’s involvement with the Group Orlean-Intels is over,” he said.

He noted that on Dec. 1, 2020 the Group terminated also its working relationship with Abubakar’s sons, Mr Adamu Atiku Abubakar and Mr Aminu Atiku Abubakar.

“Since that date our Group does not have any contacts, neither direct nor indirect, with members of Abubakar’s family,” Mr Ruffinoni said.