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Atiku sells Intels stake for $100 million, blames Buhari for tough business climate

The opposition leader says he is redirecting his businesses to other aspects of the economy.

• January 4, 2021
Atiku Abubakar
Former vice president of Nigeria, Atiku Abubakar (Photo Credit: @atiku)

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.

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