Atiku Sets the Record Straight on $100 Million INTELS Sale, Affirms Complete Divestment

Atiku Sets the Record Straight on $100 Million INTELS Sale, Affirms Complete Divestment

Former Nigerian Vice President, Atiku Abubakar, vehemently refuted recent claims suggesting he still maintains a stake in Integrated Logistics Services Nigeria Limited (INTELS), an oil and gas logistics company he purportedly sold in 2020 for a sum of $100 million. Dismissing the insinuation as mischievous, Atiku emphasized that his divestment from the company is irrevocable.

The controversy emerged following an online post referencing a This Day publication, alleging that Atiku sold a portion of his shares to the current President, Bola Tinubu, while retaining a minority stake. The report further contended that the federal government had reinstated its agreement with INTELS, placing it under Tinubu’s leadership.

In response, Atiku clarified that he publicly disclosed the sale of his INTELS shares in January 2021, emphasizing that the phased divestment, initiated in 2018, concluded in December 2020. He underscored that a distinct entity, Orlean Investment Group, now owns the shares he sold. Atiku reiterated that his departure from the company he co-founded remains unchanged, and he cannot be considered a beneficiary of the alleged reinstatement of the federal government’s contract with INTELS.

In his statement, Atiku categorically declared, “Therefore, the insinuation that I am a beneficiary of the decision to rescind the cancellation of the contract between Intels and the Federal Government is untrue and should be seen for what it is: mischief.” This declaration aims to dispel any misconceptions regarding his current association with INTELS and affirm the irreversible nature of his divestment.


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