Intels: Atiku’s Divestment, An Economic Decision

*Debunks claims Buhari’s govt hindered its business through
political influences

Integrated Logistic Services (Intels) Nigeria Limited has
debunked claims that the divestment from the company by former Vice
President Atiku Abubakar was because its business was being
hindered by political influnces from the Buhari administration.

In a statement Tuesday, Intels, Nigeria’s largest logistics
company that provides comprehensive integrated services for the
nation’s oil and gas industry, said Atiku’s exit from the company
was an economic decision in the exclusive interest of the
company.

Atiku, a co-founder of Intels, had on Monday announced that he
had sold his shares in Intels and was redirecting his businesses
through reinvestments.

In a statement by his media aide, Paul Ibe, the former vice
president had accused the President Muhammadu Buhari government of
destroying businesses that were out to create jobs for the teeming
unemployed Nigerians.

While noting that he had been selling his shares in Intels over
the years, the former vice president said It assumed greater
urgency in the last last five years, because the government of
President Muhammadu Buhari had been preoccupied with destroying a
legitimate business that was employing thousands of Nigerians
because of politics, adding, “There should be a marked difference
between Politics and Business.”

But a statement signed by Tommaso Ruffinoni for Intels Nigeria
Limited – Orlean Invest Holding debubked the claims.

The statement read: “Intels Nigeria Limited and with it its
parent company Orlean Invest Holding in relation to some statements
that appeared in the press yesterday and today, categorically
denies that its business has at some time been hindered by
political influences from the current government. The company has
always operated according to market logic, thanks to its history
and commitment to the development of the Nigerian economy in the
oil and gas logistics sector.

“The ongoing contradictions are part of a natural commercial
divergence, which will hopefully be resolved, as in the past, by a
new approach, in the interest of all the parties, also according to
the social role that Intels plays in the country. The severance
from the world of Atiku Abubakar was an economic decision, in the
exclusive interest of the company, and to irreconcilable strategic
differences with the new governance structure of the Intels –
Orlean Invest Group.”

Recall om Monday reported that Atiku had exited the company with
his family as at December last year through a series of
transactions executed by his family Guernsey Trust, in deals that
began in December 2018 and concluded last year.

Atiku was said to have sold his shares in Intels to Orleal
Investment Group, the parents company of Intels, for various
amounts totalling over $100 million in the deal that spanned two
years.

*Debunks claims Buhari’s govt hindered its business through
political influences

Integrated Logistic Services (Intels) Nigeria Limited has
debunked claims that the divestment from the company by former Vice
President Atiku Abubakar was because its business was being
hindered by political influnces from the Buhari administration.

In a statement Tuesday, Intels, Nigeria’s largest logistics
company that provides comprehensive integrated services for the
nation’s oil and gas industry, said Atiku’s exit from the company
was an economic decision in the exclusive interest of the
company.

Atiku, a co-founder of Intels, had on Monday announced that he
had sold his shares in Intels and was redirecting his businesses
through reinvestments.

In a statement by his media aide, Paul Ibe, the former vice
president had accused the President Muhammadu Buhari government of
destroying businesses that were out to create jobs for the teeming
unemployed Nigerians.

While noting that he had been selling his shares in Intels over
the years, the former vice president said It assumed greater
urgency in the last last five years, because the government of
President Muhammadu Buhari had been preoccupied with destroying a
legitimate business that was employing thousands of Nigerians
because of politics, adding, “There should be a marked difference
between Politics and Business.”

But a statement signed by Tommaso Ruffinoni for Intels Nigeria
Limited – Orlean Invest Holding debubked the claims.

The statement read: “Intels Nigeria Limited and with it its
parent company Orlean Invest Holding in relation to some statements
that appeared in the press yesterday and today, categorically
denies that its business has at some time been hindered by
political influences from the current government. The company has
always operated according to market logic, thanks to its history
and commitment to the development of the Nigerian economy in the
oil and gas logistics sector.

“The ongoing contradictions are part of a natural commercial
divergence, which will hopefully be resolved, as in the past, by a
new approach, in the interest of all the parties, also according to
the social role that Intels plays in the country. The severance
from the world of Atiku Abubakar was an economic decision, in the
exclusive interest of the company, and to irreconcilable strategic
differences with the new governance structure of the Intels –
Orlean Invest Group.”

Recall om Monday reported that Atiku had exited the company with
his family as at December last year through a series of
transactions executed by his family Guernsey Trust, in deals that
began in December 2018 and concluded last year.

Atiku was said to have sold his shares in Intels to Orleal
Investment Group, the parents company of Intels, for various
amounts totalling over $100 million in the deal that spanned two
years.