Atiku sells Intels stake for $100 million, blames Buhari for tough business climate
Former vice-president Atiku Abubakar has rid himself of business interests in Integrated Logistics Services Nigeria Limited (INTELS) — a company he co-founded more than three decades ago.
Paul Ibe, spokesman to Mr. Abubakar said in a statement on Monday that the erstwhile presidential candidate of the opposition PDP had sold the last of his remaining shares in the logistics firm, having serialised the sale in the last five years.
“Yes, he (Atiku) has sold his shares in Intels and redirected his investment to other sectors of the economy for returns and creation of jobs,” Mr. Ibe said.
Although Mr. Abubakar’s media aide did not specify the percentage of his equity stake at INTELS, Thisday pegged his shares’ worth at over $100 million.
The newspaper reported an INTELS spokesman to have explained that the ex-vice president, who sold his shares to Orleal Investment Group received $113.1 million in three tranches.
Mr. Abubakar hinged his decision to trade off his INTELS shares on the torrid business climate under the Buhari administration.
He blamed the federal government for its constant onslaught on the company, in what he perceived as an apparent move to frustrate his business interests.
“It (the shares sale) assumed greater urgency in the last last five years, because this Government has been preoccupied with destroying a legitimate business that was employing thousands of Nigerians because of politics,” the statement by Mr. Abubakar’s aide stated.
“There should be a marked difference between Politics and Business,” it added.
The Buhari government had previously terminated contracts and agreements with INTELS, in what has been widely described as petty political machinations against the former vice president, who ran against President Muhammadu Buhari — his estranged ally in 2019 presidential election.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
50-year-old man arraigned over failure to produce son in court
The defendant pleaded not guilty to the charge.
States
Easter: TRACE begins ‘operation safe and responsible’ driving in Ogun
Mr Ogunyemi advised motorists to avoid unnecessary speed, night travels and overloading.
Sport
Ebonyi sports commissioner urges preparation for 2027 African Games
Ms Oleh said that the newly discovered talents proved that Nigeria truly has talents in abundance.
Lagos
Lagos VIS impounds 50 rickety commercial buses
The VIS director advised vehicle owners to adopt voluntary compliance with roadworthiness.
NationWide
Military declares prof, seven others wanted over alleged killing of 17 soldiers in Delta
The wanted persons include seven men and one woman.
NationWide
Implementation of attractive road map will boost blue economy: Peterside
“For blue economy to thrive, most important factor today in Nigeria is security.’’