Atiku blames FG for sale of Intel shares

Atiku blames FG for sale of Intel shares

The media aide to former Vice President Atiku Abubakar, Paul Ibe on Monday, January 4, revealed that political interference made him sell his stake in Integrated Logistics Services Nigeria Limited (Intels).

According to Ibe, Atiku has been selling his shares in the company he co-founded over the years.

Atiku stated that the divestment from Intels assumed greater urgency in the last five years; adding that the present administration 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,” the statement said.

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Ibe said further: “Yes, Atiku has sold his shares in Intels; and redirected his investment to other sectors of the economy for returns and creation of jobs.”

The management of Integrated Logistic Services (INTELS) Nigeria Limited, had announced that the former Vice President is no longer its major shareholder; as he has divested from the company.

Making the announcement on Monday, January 4, in a press statement, Intels Public Relations Manager, Tommaso Ruffinoni, said Atiku exited the company with his family in December 2020.

Ruffinoni said the former vice president had sold off his interests through a series of transactions; executed by his family’s Guernsey Trust, in deals that began in December 2018 and concluded last year.

The PR Manager added that Atiku sold his shares in Intels to Orleal Investment Group, the parents’ company of Intels; for various amounts totaling over $100 million in the deal that spanned two years.

The deal, according to Ruffinoni, fetched Atiku the sum of $60 million, $29 million $24.1 million, respectively, in three installments.

According to Ruffinoni, with Atiku’s divestment of his interest in the company, two of his children working in the organisation, Adamu Atiku Abubakar and Aminu Atiku Abubakar, have also ended their working relationship with the organisation.

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