Former Vice President Atiku Abubakar has given reasons as to why he sold off his shares in Integrated Logistics Services Limited (Intels).
He accused President Muhammadu Buhari’s government of destroying his “legitimate business that employed thousands of Nigerians.”
But top government sources told Daily Trust Monday night that the claim by Atiku was a tissue of lies, saying President Buhari had nothing to do with his travails.
Founded in 1982 as Nicotes Services Ltd, Intels is regarded as Nigeria’s largest logistics company. It provides comprehensive integrated logistics services for the Nigerian Oil and Gas Industry.
Atiku was said to have sold his shares to Orleal Investment Group, the parent company of Intels, for various amounts totalling over $100 million in a deal that spanned two years.
A statement on Monday by his Media Adviser, Paul Ibe, confirmed the sale of the shares, saying the former vice president has redirected his investment to other sectors of the economy.
“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.
“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,” the statement read.
While some experts attributed Atiku’s plight to politics, others said since the whole activity of Intels revolves around a contract between some individuals or body corporate on one side and the government on the other, any of them can call it off if he feels uncomfortable with the arrangement.
The Face-off
Daily Trust reports that the Nigerian Ports Authority (NPA) had in September 2020 terminated a boats pilotage monitoring and supervision agreement that the agency had with Intels, saying that the contract was illegal.
The federal government earlier in April 2020 approved the recommendations of the Attorney-General of the Federation, Abubakar
Malami, breaking the near monopoly of Mr Atiku’s Intels in the handling of oil and gas cargoes in the country.
Malami had in a letter addressed to the NPA argued that the agreement, which had allowed Intels to receive revenue on behalf of NPA for 17 years was in contravention of the Nigerian Constitution, especially because of the implementation of the Treasury Single Account (TSA)
policy of the government.
Intels, however, kicked against the termination of the agreement, describing the action as “preposterous” and highly injurious to Nigeria.
How transaction took 2 years
The latest assets sold off by Atiku is said to be worth $100 million or about N38.1 billion spanning a tranche transaction of two years.
Officials at Intels, which has its operational base at Onne Port in Rivers and in Lagos, said the deal was completed in December 2020, with Atiku exiting the company after he sold off his stake.
One of the officials who spoke in confidence said the stake was sold to Orleal Investment Group, the parent company of Intels, for $100m but in three tranches of $60m, $29m and $24.1m
Source: Daily Trust
