Atiku Sells Shares At INTEL For $100 Million |The Source

By Akinwale Kasali

Former Vice President of Nigeria and Presidential Candidate of the Peoples Democratic Party, PDP, at the 2019 Election, Alhaji Atiku Abubakar, has sold his shares in Integrated Logistic Services (INTELS) Nigeria Limited for $100m.

This disclosure was made by INTELS’  Spokesman, Tommaso Ruffinoni, over the weekend.

Ruffinoni said Atiku is no longer a shareholder of the country’s largest logistics company.

Atiku is said to have sold his shares to Orleal Investment Group, the parent company of INTELs, for over $100 million in a deal that spanned two years.

Ruffinoni added that Orleal Investment Group paid Atiku $60 million, $29 million $24.1 million in three installments.

The deal began in December 2018, and was concluded last year.

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

It would, however, be recalled that INTELs had over the years 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 a 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.