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Former VP Atiku pockets $100m from sale of Intel’s shares

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Reports indicate that former Vice President Atiku Abubakar has divested his interests from Integrated Logistic Services (INTELS) Nigeria Limited and in the process, made $100m from the transaction.

Intels’ Spokesman, Tommaso Ruffinoni, disclosed this to THISDAY at the weekend.

Ruffinoni, who said Atiku is no longer a shareholder of the company, disclosed that the former presidential candidate of the Peoples Democratic Party (PDP) sold his shares to Orleal Investment Group, the parent company of Intels, for over $100 million in the deal that spanned two years.

He said Orleal Investment Group paid Atiku $60 million, $29 million $24.1 million in three instillments.

Ruffinoni revealed that Atiku sold his shares in a series of transactions that began in December 2018 and concluded last year

He noted that said Atiku has since left the company with his two sons, Adamu Atiku Abubakar and Aminu Atiku Abubakar in December 2020.

Prior to its sack by the federal government in 2017, Intel provided piloting services to ships coming into Nigerian ports. Any ship with a length greater than 35 metres have to be piloted or guided to the nation’s ports.  Intel collected a fee for this on behalf of the Nigeria Ports Authority (NPA) and took 28% of the revenue as commission.

But in a letter dated September 27, 2017, the Attorney General of the Federation, Abubakar Malami (SAN) said the terms of the agreement, which was signed 17 years ago, was illegal and a violation of the Sections 80(1) and 162(1) and (10) of the constitution.  Section 80(1) and 162 (1) says the all revenues earned by the Federation shall be paid into the Consolidated Revenue Fund.

The NPA had accused Intels of owing the federal government revenue of $307.675 million (N115.775 billion) as of July 31, 2020.

However, Intels had denied owing NPA to the tune of $145.8 million, insisting that NPA owes it over $750 million, giving a possible recourse to litigation to resolve the dispute.

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