• Saturday, April 20, 2024
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Atiku severs 40-yr old ties with INTELS after $60mn share sale

Atiku officially resigns from APC

Former Nigerian Vice President Atiku Abubakar has severed ties with INTELS Nigeria Limited, an oil and gas Logistics Company he co-founded almost 40 years ago, after selling his shares in the holding company.

INTELS said it severed ties with Atiku and his family, who was one of its major shareholders, after the former vice president sold off his shares and exited the company last year.

In a statement on Monday, Tommaso Ruffinoni, INTELS spokesman, said Atiku, through his trust named Guernsey Trust International, sold shares of Orlean-Invest Group, Intels’ holding company, between December 2018 and January 2019, for a sum of approximately USD$60 million.

INTELS was founded in 1982, six years before the holding company was established in 1988.

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

“When he requested to cash in the above mentioned sum our Group contested to Atiku Abubakar a debt, towards our Group, of USD$24.1 million. Without having received any answer regarding the matter, on 30th of November 2020 Atiku Abubakar was informed about the set off of such sum while we made available the remaining sum of USD$5.4 million,” Ruffinoni said.

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

Continuing, he said: “On 1st December 2020, our Group terminated also the working relationship with Atiku Abubakar’s sons, Adamu Atiku Abubakar and Aminu Atiku Abubakar, and since that date our Group does not have any contacts, neither direct nor indirect, with members of Atiku Abubakar’s family,” Ruffinoni stated.