Former vice President of Nigeria, Atiku Abubakar sold his shares, collected $5.4m balance from us – Intels

John Alechenu and Joseph Olaoluwa
Intels Nigeria Limited has explained why it 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 in 2020 , the statement titled ‘ Intels severs ties with Atiku’ read.

In another statement , the Media Adviser to former Vice President Atiku Abubakar , Mazi Paul Ibe , said Atiku sold his shares in the company because the present administration was destroying the business .

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 $ 60m .

Part of the statement read, “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 $ 29m .

“ 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 m .

“ 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 m .

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

“ On 1 st 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. ”

Ibe also issued another statement titled ‘ Atiku redirects his investment in Intels ’ .

He said , “ 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 .

“ There should be a marked difference between politics and business .

Yes , he has sold his shares in Intels and redirected his investment to other sectors of the economy for returns and creation of jobs . ”

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