Former VP Atiku Sells Intels’ Shares for $100M, Family Leaves Company

Former Vice President Atiku Abubakar has sold his shares in Integrated Logistic Services (INTELS) Nigeria Limited for $100m.

Intels’ Spokesman, Tommaso Ruffinoni, made this known to THISDAY at the weekend.

According to Ruffinoni, the former Presidential Candidate of the Peoples Democratic Party (PDP) is no longer a shareholder of the country’s largest logistics company.

He disclosed that Atiku sold his shares to Orleal Investment Group, the parent company of Intels, for over $100 million in the deal that spanned two years.

According to the Intels’sokesman, Orleal Investment Group paid Atiku $60 million, $29 million $24.1 million in three installments.

Ruffinoni revealed that Atiku sold his shares in a series of transactions that began in December 2018 and concluded last year

He noted that said Atiku had since left the company with his two sons, Adamu Atiku Abubakar and Aminu Atiku Abubakar in December 2020.

CityNews Nigeria recalls that Intels has been at loggerheads with the federal government, resulting in the cancellation of its 17-year-old contract with the Nigerian Ports Authority (NPA) for pilotage monitoring.

The NPA had accused Intels of owing the federal government revenue of $307.675 million (N115.775 billion) as of July 31, 2020.

However, Intels had denied owing NPA to the tune of $145.8 million, insisting that NPA owes it over $750 million, giving a possible recourse to litigation to resolve the dispute.