Atiku pulls business interest out of Intels

Integrated Logistics Services Nigeria Limited (Intels) said it has severed ties with a former Vice-President, Atiku Abubakar, and his family after he sold his stake in the company and exited as a shareholder.

The company disclosed that Atiku, President and Co-founder of the logistics firm, sold his share for approximately $60 million last year.

Intels spokesman, Tommaso Ruffinoni, in a statement, said: “Atiku, 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.

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

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

“On 1st December 2020, our Group terminated also the working relationship with Atiku’s sons, Adamu Atiku Abubakar and Aminu Atiku Abubakar, and since that date, our group does not have any contacts, either direct or indirect, with members of Atiku’s family,” Ruffinoni stated.

Meanwhile, a separate statement by Atiku’s media adviser, Paul Ibe, said the former vice-president and presidential candidate of the Peoples Democratic Party (PDP), in the 2019 general elections, decided because the Muhammadu Buhari administration has destroyed the economy.

“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,” he stated.

The Guardian.


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