Why We Cut Ties With Atiku —Intels


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

Intels said it severed ties with Atiku and his family after the former Vice President, through Guernsey Trust International, sold shares of Orlean-Invest Group, Intels’ parent company, between December 2018 and January 2019, for approximately $60m.

In a statement entitled, ‘Intels severs ties with Atiku’, on Monday, the company explained that Atiku had received his balance of $5.4m.

The statement signed by Intels spokesman, Tommaso Ruffinoni, alleged that Atiku owed the company $24.1m before converting his shares.

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 Abubakar 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 Abubakar 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 Mr Atiku Abubakar’s family.”


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