Atiku Divests From INTELS, Accuses PMB of Frustrating Business
Former Vice President, Atiku Abubakar has divested his shares from the Integrated Logistics Services Limited (INTELS) even as he accuses President Mohammadu Buhari of frustrating his business interests.
In a statement issued on Monday, January 4, 2021, Atiku disclosed he was forced to sell off his shares in the company because the Buhari administration has been “preoccupied with destroying” it since 2015.
The statement signed by Paul Ibe, Atiku’s spokesman, accused the Buhari-led government of going after the business, adding: “There should be a marked difference between Politics and Business.”
“Co-founder of Integrated Logistics Services Nigeria Limited (Intels), Atiku Abubakar, has been selling his shares in Intels over the years.
“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 statement read.
Atiku is said to be a co-founded at the company which provides integrated logistics services for Nigeria’s maritime, oil, and gas sectors.
In 2010, INTELS signed an agreement with the Nigerian Ports Authority (NPA), which allowed the firm to collect revenue on behalf of the federal government agency on some port operations.
In 2017, the Federal Government terminated the boat pilotage agreement it signed with the company, after Abubakar Malami, the Attorney-General of the Federation (AGF), said it violated the constitution.
Amongst other irregularities, the company had been accused of not paying taxes in 2017 — the same year NPA accused it of failing to remit an outstanding $48 million.