Atiku Abubakar sells INTELS stake for $100 million

Former vice-president Atiku Abubakar has rid himself of business
interests in Integrated Logistics Services Nigeria Limited (INTELS)
— a company he co-founded more than three decades ago.

Paul Ibe, spokesman to Mr. Abubakar said in a statement on
Monday that the erstwhile presidential candidate of the opposition
PDP had sold the last of his remaining shares in the logistics
firm, having serialised the sale in the last five years.

“Yes, he (Atiku) has sold his shares in Intels and redirected
his investment to other sectors of the economy for returns and
creation of jobs,” Mr. Ibe said.

Although Mr. Abubakar’s media aide did not specify the
percentage of his equity stake at INTELS, a national daily pegged
his shares’ worth at over $100 million.

The newspaper reported an INTELS spokesman to have explained
that the ex-vice president, who sold his shares to Orleal
Investment Group received $113.1 million in three tranches.

Mr. Abubakar hinged his decision to trade off his INTELS shares
on the torrid business climate under the Buhari administration.

He blamed the federal government for its constant onslaught on
the company, in what he perceived as an apparent move to frustrate
his business interests.

“It (the shares sale) assumed greater urgency in the last last
five years, because this Government has been preoccupied with
destroying a legitimate business that was employing thousands of
Nigerians because of politics,” the statement by Mr. Abubakar’s
aide stated.

“There should be a marked difference between Politics and
Business,” it added.

The Buhari government had previously terminated contracts and
agreements with INTELS, in what has been widely described as petty
political machinations against the former vice president, who ran
against President Muhammadu Buhari — his estranged ally in 2019
presidential election.

Former vice-president Atiku Abubakar has rid himself of business
interests in Integrated Logistics Services Nigeria Limited (INTELS)
— a company he co-founded more than three decades ago.

Paul Ibe, spokesman to Mr. Abubakar said in a statement on
Monday that the erstwhile presidential candidate of the opposition
PDP had sold the last of his remaining shares in the logistics
firm, having serialised the sale in the last five years.

“Yes, he (Atiku) has sold his shares in Intels and redirected
his investment to other sectors of the economy for returns and
creation of jobs,” Mr. Ibe said.

Although Mr. Abubakar’s media aide did not specify the
percentage of his equity stake at INTELS, a national daily pegged
his shares’ worth at over $100 million.

The newspaper reported an INTELS spokesman to have explained
that the ex-vice president, who sold his shares to Orleal
Investment Group received $113.1 million in three tranches.

Mr. Abubakar hinged his decision to trade off his INTELS shares
on the torrid business climate under the Buhari administration.

He blamed the federal government for its constant onslaught on
the company, in what he perceived as an apparent move to frustrate
his business interests.

“It (the shares sale) assumed greater urgency in the last last
five years, because this Government has been preoccupied with
destroying a legitimate business that was employing thousands of
Nigerians because of politics,” the statement by Mr. Abubakar’s
aide stated.

“There should be a marked difference between Politics and
Business,” it added.

The Buhari government had previously terminated contracts and
agreements with INTELS, in what has been widely described as petty
political machinations against the former vice president, who ran
against President Muhammadu Buhari — his estranged ally in 2019
presidential election.