Atiku Exits Intels Sells Shares

Former Vice President of Nigeria

Former Vice President of NigeriaFormer Vice President of Nigeria, Alhaji Atiku Abubakar has left Intels and sold off all his shares.

Intels Nigeria Limited explained that it has cut off ties with Atiku and his family as he had sold off his shares and exited the company last year, 2020.

On Monday, 4th January, 2021, Intels spokesman, Tommaso Ruffinoni, issued a statement that 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 $60m.

He continued that in the period between April and May 2020, Mr Atiku Abubakar converted his remaining shares into a convertible bond that he subsequently monetized up to a residual sum of approximately $29m. And when he requested to cash in the above-mentioned sum, our group contested to Mr Atiku Abubakar a debt, towards our group, in the sum of $24.1m

He stated that without having received any answer regarding the matter, on 30th of November 2020 Mr Atiku Abubakar was informed about the set-off of such sum while we made available the remaining sum of $5.4m. And with the completion of the above-mentioned transactions, the era of Mr Atiku Abubakar family’s involvement with the Group Orlean-Intels was over.

He claimed that on 1st December, 2020 they also terminated the working relationship with Mr Abubakar’s sons, Mr Adamu Atiku-Abubakar and Mr Aminu Atiku-Abubakar, and since that date, they don’t have any contacts, neither direct nor indirect, with members of Mr Atiku Abubakar’s family.”

In reaction to the statement, the Media Adviser to former Vice President Atiku Abubakar, Mazi Paul Ibe, said Atiku sold his shares in the company because the present administration was destroying the business.

Paul Ibe claimed that Atiku Abubakar, who was one of Intels major shareholders, has redirected his investment in Intels.

He explained that Atiku Abubakar has been selling his shares in Intels over the years. 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 in the name of politics.

He expressed his displeasure that there should be a marked difference between politics and business. “Yes, he has sold his shares in Intels and redirected his investment to other sectors of the economy for returns and creation of jobs”.

Tags : Atiku Abubakarintels
Tayo Balogun

The author Tayo Balogun

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