Atiku sold his shares, collected $5.4m balance from us – Intels

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Intels Limited has explained why it severed ties with Vice President Atiku Abubakar, who one of its major shareholders.

Intels said it severed ties with Atiku and family after Vice President sold off shares and exited company in 2020, titled ‘Intels severs ties with Atiku’ read.

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

In a on , Intels , 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 statement read, “In 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 $24.1m.

“Without having received any answer regarding the matter, on 30th of November 2020 Mr Atiku Abubakar informed about the set-off of such sum while we made available the remaining sum of $5.4m.

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

“On 1st December 2020 our group terminated also the working relationship with Mr Abubakar’ 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 of Mr Atiku Abubakar’ 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 has been preoccupied with destroying a legitimate business that was employing thousands of 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 sectors of the economy for returns and creation of jobs.”