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Market Digest Nigeria

Politics

We have cut ties with Atiku Abubakar – Intels media adviser Mazi Paul Ibe

Atiku Abubakar

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

Atiku Abubakar

Intels

Intels revealed that it severed ties with Atiku Abubakar and his family in a statement released by the company after the former Vice President sold off his shares and exited the company in 2020.

In another statement, the Media Adviser to former Vice President Atiku said he 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 $24.1m.

“Without having received any answer regarding the matter, on 30th of November 2020 Mr Atiku was 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 family’s involvement with the Group Orlean-Intels is over.

“On 1st 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 his family.”

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