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Integrated Logistics Services Nigeria Limited (Intels) has explained why it severed ties with former Vice President, Atiku Abubakar, who was one of its major shareholders.
In a statement titled, ‘Intels severes ties with Atiku,’ on Monday, the company explained that Atiku had received his balance of $5.4 million.
The statement signed by Intels spokesman, Tommaso Ruffinoni, alleged that Atiku owed the company $24.1 million before converting his shares.
Intels said it severed ties with Atiku and his family after the former Vice President, through Guernsey Trust International, sold shares of Orlean-Invest Group, Intels’ parent company, between December 2018 and January 2019, for approximately $60 million.
The statement read in part: “In the period between April and May 2020, Mr Atiku Abubakar converted his remaining shares into a convertible bond that he subsequently monetised 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 30th of November 2020, Mr Atiku Abubakar 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 era of Mr Atiku Abubakar’s family involvement with the Group Orlean-Intels is over.
“On 1st December 2020 our Group terminated also the working relationship with Mr Abubakar’s sons, Mr Adamu Atiku-Abubakar and Mr Aminu Atiku-Abubakar, and since that date, our Group does not have any contacts, neither direct nor indirect, with members of Mr Atiku Abubakar’s family.”
Atiku had earlier on Monday announced that he has sold off his shares in Intels.
In a statement by his media aide, Paul Ibe, Atiku explained that one of the reasons he sold his shares was due to President Muhammadu Buhari led Federal Government’s alleged pre-occupation to destroy “a legitimate business.”
“Co-founder of Integrated Logistics Services Nigeria Limited (Intels), Atiku Abubakar, has been selling his shares in Intels over the years.
“It assumed greater urgency in the last five years, because this Government has been preoccupied with destroying a legitimate business that was employing thousands of Nigerians because of politics.
“He has sold his shares in Intels and redirected his investment to other sectors of the economy for returns and creation of jobs. There should be a marked difference between Politics and Business,” Atiku said.