BY LINUS CHIBUIKE
FORMER Vice President Atiku Abubakar and co-founder of Integrated Logistics Services Nigeria Limited (Intels) on Monday explained why he divested from the company.
He said the Federal Government’s penchant for destroying legitimate business in Nigeria because of politics had forced him to accelerate the sale of his shares in Intels over the last five years.
Atiku, who was the Presidential Candidate of the Peoples Democratic Party in the 2019 election, said in a statement by his media aide, Paul Ibe, that the divestment had assumed greater urgency in the last five years.
The administration had been preoccupied with destroying a legitimate business that was employing thousands of Nigerians because of politics, he said.
“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,” the statement said.
INTELS Nigeria Limited had said on Monday that it had severed ties with Atiku Abubakar.
The company said it severed ties with Abubakar and his family after the former Vice President sold off his shares and exited the company last year.
Intels spokesman, Tommaso Ruffinoni, said in a statement that Abubakar, 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 60 million dollars.
“In the period between April and May 2020, Abubakar converted his remaining shares into a convertible bond that he subsequently monetised up to a residual sum of approximately 29 million dollars.
“When he requested to cash in the above-mentioned sum, our Group contested to Abubakar a debt, towards our Group, of 24.1million dollars.
“Without having received any answer regarding the matter, on Nov. 30, 2020, Abubakar was informed about the set-off of such sum while we made available the remaining sum of 5.4 million dollars.
“With the completion of the above-mentioned transactions, the era of Abubakar family’s involvement with the Group Orlean-Intels is over,” he said.
He noted that on Dec. 1, 2020, the Group terminated also its working relationship with Abubakar’s sons, Mr Adamu Atiku Abubakar and Mr Aminu Atiku Abubakar.
“Since that date our Group does not have any contacts, neither direct nor indirect, with members of Abubakar’s family,” Ruffinoni said.
