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Market Digest Nigeria

Politics

Atiku Sells Off Shares In Intels, Accuses President Buhari Of Destroying His Business

Nigeria’s former Vice President, Atiku Abubakar, has sold off his shares in Integrated Logistics Services Limited (Intels).

Atiku, however, accused the President Muhammadu Buhari-led government of going after the business.

Paul Ibe, spokesman for the former Vice President, disclosed this in a statement on Monday.

“Co-founder of Integrated Logistics Services Nigeria Limited (Intels), Atiku Abubakar, has been selling his shares in Intels over the years,” the statement read.

“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.”

The Nigerian government had in October 2017 directed the Nigerian Ports Authority to terminate the boats pilotage monitoring and supervision agreement that the agency had with Intels, saying that the contract was void ab initio.

The NPA had also accused Intels of refusing to remit to the Nigerian government service boat pilotage revenue in the firm’s custody, which amounted to $207.65 million (N78.9 billion) as at September 30, 2019.

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