Atiku, Intels part ways
…as ex vice president offloads holding shares
Tunde Opalana, Abuja
Intels Nigeria Limited, an oil and gas logistics company on Monday said it had severed ties with former Vice President Atiku Abubakar, who was one of its major shareholders.
The company said it severed ties with 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 the ex-vice president through his trust named Guernsey Trust International, sold shares of Orlean-Invest Group, Intels parent company between December 2018 and January 2019, for approximately $60 million.
“In the period between April and May 2020, Abubakar converted his remaining shares into a convertible bond that he subsequently monetized up to a residual sum of approximately $29million.
“When he requested to cash in the above mentioned sum, our Group contested to Abubakar a debt, towards our group of $24.1million.
“Without having received any answer regarding the matter on November 30, 2020 Abubakar was informed about the set -off of such sum while we made available the remaining sum of $5.4 million.
READ ALSO: Reps C’ttee accuses INTELS of short changing FG
“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 December 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 contact neither direct nor indirect with members of Abubakar’s family,” Ruffinoni said.
However, the former Vice President has blamed the economic policies of the President Muhammadu Buhari administration as being responsible for the economic flight and relocation of businesses and investments out of the country.
Atiku, said the unfriendly economic environment in Nigeria has stifled many businesses including his own company.
The Presidential candidate of the Peoples Democratic Party (PDP) in a statement by his media aide, Paul Ibe on Monday said he has been selling his shares in Intels over the years.
He said dejectedly that “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.”
The politician cum businessman cautioned that 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,” said Ibe in the statement.
