Tinubu Bought Atiku’s $100m Intels Shares? Presidency Opens Up

Tinubu Bought Atiku’s $100m Intels Shares? Presidency Opens Up

  • President Tinubu has addressed the controversy around Atiku Abubakar's $100 million INTEL shares
  • The Nigerian leader explained that the termination of contracts between NPA and INTEL in 2020 led to a significant drop in Nigeria's annual revenue from boat service operations
  • However, Tinubu's statement affirmed that Atiku had no interest in INTEL at the moment, and the current government did not terminate their contract

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

President Bola Ahmed Tinubu has cleared the air on the controversy surrounding Atiku Abubakar's $100 million INTELS shares.

Atiku, Tinubu, INTEL shares, NPA
President Tinubu reveals the truth behind the much talked about Atiku's $100 million INTEL shares. Photo credit: Atiku Abubakar, Asiwaju Bola Ahmed Tinubu
Source: Facebook

In a statement issued on Sunday, December 3, the presidency explained in detail the termination of contracts between the Nigerian Ports Authority (NPA) and Integrated Logistic Services Nigeria Limited (INTEL Nigeria Limited) in 2020.

Read also

Peter Obi reacts as Tinubu’s govt sponsors 1,411 delegates to COP28: “We must stop waste”

According to the presidency, the contract was terminated due to Nigeria's annual revenue, which dropped from over $200 million to around $50 million after the termination.

This was made known in a statement shared by Tinubu's special assistant on social media, DOlusegun, via X page on Sunday, December 3.

Who bought Atiku's INTEL shares?

The presidency disclosed that Atiku had sold his stake in the port over three years ago, and the idea of political patronage should be disregarded, according to the statement.

INTEL is now fully owned by Orleal Investment Group, which acquired Atiku's shares for over $100 million, ending the working relationship of his sons, Adamu and Aminu Atiku Abubakar, with the company, the presidency confirmed.

Part of the statement read:

"INTEL's operations were temporarily halted due to a lack of operational capacity and experience among the new handlers, impacting revenue generation.

Read also

BREAKING: Tinubu meets UAE president, shares details, photos

"President Tinubu, upon assuming office, assigned officials to investigate revenue leakage, identifying the boat operations contract as a window through which Nigeria lost over $150 million annually.
"Conflict resolution efforts led to an endorsement for INTEL to resume operations in November 2023.
"A reminder that former Vice President Atiku had already sold his stake in the port over 3 years ago and any idea of political patronage should be disregarded.
"It is therefore delusional to believe either of the claims making round that Alhaji Atiku still has interest in Intel or that President Tinubu returned their contract because he bought shares in the company. $150m annually over unnecessary clouts. President Tinubu will succeed."

Atiku speaks about FG restoring Intels' contract

Earlier, Atiku Abubakar said he had already 'divested' from INTELS and, thus, could not have been a beneficiary of the decision to rescind the cancellation of the contract between Intels and the FG.

Read also

Newly launched Nigerian refinery announces date for implementation of phase 2

Legit.ng recalls that some reports claimed that the Nigerian government restored the boat service contract to Intels after three years. Some posts, especially on WhatsApp, still linked Intels to Atiku.

In a social media post on Sunday morning, December 3, Atiku stressed that he sold Intels to Orlean Investment Group.

Tinubu meets UAE president

In another development, Legit.ng reported that Tinubu held a crucial meeting with the president of the United Arab Emirates (UAE), Sheikh Mohammed bin Zayed Al Nahyan, on Sunday, December 3.

The president made this known in a post on his official X page (formerly Twitter) accompanied by pictures.

President Tinubu tweeted:

"Had a fruitful bilateral meeting with the President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan today, reinforcing the strong Nigeria-UAE partnership and our shared commitment to expanding ties between both countries."

Source: Legit.ng

Online view pixel