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Intels still strong, performing even as former VP, Atiku divests—Company

Following series of deals that began in December 2018 and concluded in 2020, core investor in Intels Nigeria Ltd., an oil and gas logistics company and former Vice President, Alhaji Atiku Abubakar has moved his stakes away from the company.

It will be recalled that on Jan 4, Intels announced that it had severed ties with its former shareholder, former Vice President Atiku Abubakar, after the latter sold his interests in Intels’ parent company, Orlean Invest Holding. The transactions were executed through Guernsey Trust.

The former Vice president, Abubakar, who confirmed his divestment from the company, blamed President Muhammadu Buhari’s administration for trying to destroy the company because of political differences.

However, the company in a statement in Lagos earlier this week, maintained that its business has not been hindered by political influences from the present government.

The spokesman for Intels Nigeria Limited–Orlean Invest Group, Tommaso Ruffinoni, said the company’s decisions had been devoid of political considerations as it had always operated according to market logic.

“Intels Nigeria Limited and its parent company, Orlean Invest Holding, in relation to some statements that appeared in the press yesterday and today, categorically deny that its business has at some time been hindered by political influences from the current government.

“The company has always operated according to market logic, thanks to its history and commitment to the development of the Nigerian economy in the oil and gas logistics sector.

“The ongoing contradictions are part of a natural commercial divergence, which will hopefully be resolved, as in the past, by a new approach, in the interest of all the parties, also according to the social role that Intels plays in the country.