Atiku Divests From Intels, Sells Shares For $100m

Former Vice President Atiku Abubakar has divested from Integrated Logistic Services (INTELS) Nigeria Limited, the country’s largest logistics company that provides comprehensive integrated services for the nation’s oil and gas industry, THISDAY reported at the weekend.

Intels spokesman, Mr. Tommaso Ruffinoni, said Atiku exited the company with his family as at December last year.

The former vice president according to report sold his interests through a series of transactions executed by his family firm, Guernsey Trust, in deals that began in December 2018 and concluded last year.

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

It was learnt that Atiku was paid $60 million, $29 million $24.1 million in three instalments.

Analysts believed that with that amount of cash, Atiku may be ready for another presidential bid.

According to Ruffinoni, with Atiku’s divestment of his interest in the company, two of his children working in the organisation, Mr. Adamu Atiku Abubakar and Mr. Aminu Atiku Abubakar, have ended their working relationship with the organisation.

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