Intels Severs Ties with Atiku Abubakar After $60 million Shareholding Sell-off

Intels Severs Ties with Atiku Abubakar After $60 million Shareholding Sell-off

After a $60 million shares offloading, Intels Limited said it has severed tie with the former Vice President of the Federal Republic of Nigeria, Alhaji Atiku Abubakar.

Abubakar has been known to be a key shareholder of the oil and gas logistic company that has had a number of face off with government contracts.

On Monday, Intels Nigeria Ltd hinted that it had severed ties with former Vice President.

The company said it severed ties with Abubakar and his family after Atiku 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.

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Intels severs ties with Atiku Abubakar after $60 million Shareholding Sell-off

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