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Business News of Monday, 4 January 2021

Source: Economic Confidential

Atiku Part Ways With Intels, Sells Shares For $100m — Economic Confidential

Former Vice President, Atiku Abubakar has sold his shares in Integrated Logistic Services (INTELS) to Orleal Investment Group, the parents company of Intels, for various amounts totalling over $100 million in the deal that spanned two years.

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

Ruffinoni noted that Atiku was no longer a shareholder of the country’s largest logistics company that provides comprehensive integrated services for the nation’s oil and gas industry.

According to the report, Atiku sold his interests through a series of transactions executed by his family Guernsey Trust, in deals that began in December 2018 and concluded last year, and was paid $60 million, $29 million $24.1 million in three instalments.

He added that Atiku’s two sons, Adamu Atiku Abubakar and Aminu Atiku Abubakar have also ended their working relationship with the organisation.

Analysts believed that with that amount of cash, Atiku may be ready for another presidential bid.

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