Atiku: Buhari’s hostility pushed me to divest from Intels



Former Vice-President Atiku Abubakar said he has been selling his shares in Integrated Logistics Services Nigeria Limited (Intels), which he co-founded with Italian-Nigerian, Gabriele Volpi.

Although Atiku did not specify the number of shares sold, he said he has been redirecting the proceeds into other businesses.

He accused the Buhari administration of trying to destroy the company, because of political differences.

“Yes, he has sold his shares in Intels and redirected his investment to other sectors of the economy for returns and creation of jobs”, said Paul Ibe, his media adviser.

Ibe said the share sales assumed greater urgency in the last five years, a period which coincides with Buhari’s ascension since May 2015.

“This Government has been preoccupied with destroying a legitimate business that was employing thousands of Nigerians because of politics.

“There should be a marked difference between Politics and Business”, he said.

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

Ruffinoni said the former Vice President, who contested the 2019 presidential election against President Buhari, sold his interests through a series of transactions executed through Guernsey Trust, in deals that began in December 2018 and concluded last year.

“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 USD.

“When he requested to cash in the above mentioned sum our Group contested to Mr. Atiku Abubakar a debt, towards our Group, of 24.1M USD. 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 USD.

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

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