Atiku sells INTELS shares for $100m,blames Buhari govt for decision

Former Vice President Atiku Abubakar has sold all his shares in Integrated Logistic Services (INTELS) Nigeria Limited, the country’s largest logistics company that provides comprehensive integrated services for the nation’s oil and gas industry.

A statement by his media adviser, Paul Ibe, on Monday in Abuja, said Mr Abubakar, former vice president and presidential candidate of the Peoples Democratic Party in the 2019 general elections, took the decision because the Muhammadu Buhari government 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, ” a part of the statement read.

Intels spokesman, Mr. Tommaso Ruffinoni, said Atiku exited the company with his family as at December last year.

The former vice president was said to have sold his interests through a series of transactions in deals that began in December 2018 and concluded last year.

Atiku was said to have sold his shares in Intels to Orleal Investment Group, the parents company of Intels, for various amounts totalling over $100 million in the deal that spanned two years.

It was learnt that Atiku was paid $60 million, $29 million $24.1 million in three instalments.

Analysts believed that with that amount of cash, Atiku may be ready for another presidential bid.

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

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Written by Andrew Odoe
Serial Entrepreneur, Humanitarian, Social Activist and Writer.
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