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Business Finance Info & Updates

Intels severs ties with Atiku

Nigeria’s leading oil and gas logistics company, Intels Nigeria Limited, said it has severed ties with former Vice President Atiku Abubakar, who was one of its major shareholders.

Intels said it severed ties with Atiku and his family after the former Vice President sold off his shares and exited the company last year. 

In a statement on Monday, Intels spokesman, Tommaso Ruffinoni, said Atiku, 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. 

“In the period between April and May 2020, Mr. Atiku Abubakar converted his remaining shares into a convertible bond that he subsequently monetized up to a residual sum of approximately $29 million 

“When he requested to cash in the above mentioned sum our Group contested to Mr. Atiku Abubakar a debt, towards our Group, of $24.1 million without having received any answer regarding the matter, on November 30, 2020  Atiku was informed about the set -off of such sum while we made available the remaining sum of $5.4 million. 

“With the completion of the above mentioned transactions, the Atiku Abubakar family’s involvement with the Group Orlean-Intels is over.

Sunnews

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