Atiku Abubakar is no longer our shareholder

Atiku Abubakar is no longer our shareholder

Former vice president Atiku Abubakar has ditched Integrated Logistic Services (INTELS) Nigeria Limited, the country’s largest logistics company providing comprehensive integrated services to the country’s oil and gas industry, as it became known this past weekend.

Intel spokesman Tommaso Ruffinoni said Atiku left the company with his family last December.

The former vice president allegedly sold his stakes through a series of deals made by his Guernsey Trust family, in deals that began in December 2018 and ended last year.

Atiku reportedly sold its shares to Intels Orleal Investment Group, Intel’s parent company, for various amounts totaling over $ 100 million in a two-year deal.

It became known that Atik was paid $ 60 million, $ 29 million and $ 24.1 million in three installments.

Analysts believe that with this amount of money, Atiku may be ready for another presidential proposal.

After Atiku lost his stake in the company, Ruffinoni said his two sons who work for the organization, Mr. Adamu Atiku Abubakar and Mr. Aminu Atiku Abubakar, ended their working relationship with the organization.

Attempts to reach Atik in Dubai, where he currently resides, have been unsuccessful, as he is rumored to have traveled to Saudi Arabia.

In 2015, the former VP described Intel as his most successful business.

But in recent years, Intel has waged an ongoing battle with the federal government, culminating in the termination of a 17-year contract with the Nigerian Ports Authority (NPA) to monitor pilotage.

In October 2017, the federal government ordered the NPA to terminate the agency’s pilotage supervision and monitoring agreement with Intel, stating that the contract was invalid ab initio.

The NPA also accused Intel of refusing to hand over to the federal government the proceeds from piloting service vessels held by the company, which totaled $ 207.646 million ($ 78.905 billion) as of September 30, 2019.

The NPA said the money had been excluded from pilot service revenue from January 1, 2020 to July 31, 2020 of $ 97.029 million, which totals $ 307.675 million ($ 115.775 billion) in custody. by Intels.

However, Intels has denied its $ 145.8 million debt to the NPA, insisting that the NPA owes him more than $ 750 million, and has filed a possible court appeal to resolve the dispute.

Source: – Thisdaylive

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