Did Atiku Really Sell His $100m Intel Shares to Tinubu? 

Atiku Abubakar, the 2023 presidential candidate for Nigeria’s Peoples Democratic Party (PDP), has addressed the rumors surrounding the sale of his shares in Integrated Logistic Services Nigeria Limited (Intels) to President Bola Tinubu.

Amidst speculation and various reports, Atiku clarified that he had previously divested his interests in Intels, making it impossible for him to benefit from the recent reinstatement of the contract between Intels and the Nigerian government.

Contrary to widespread rumors, particularly those circulating on social media platforms like WhatsApp and Facebook, Atiku confirmed that he had not sold his Intels shares to President Bola Tinubu. Instead, he revealed through a social media post that his shares were sold to Orlean Investment Group. 

Atiku said through his verified X handle, “In January 2021, I made public the sale of my shares in Integrated Logistic Services Nigeria Limited (Intels) to Orlean Investment Group, the parent company of Intels. 

“My divestment from the company that I co-founded has not been reversed. “Therefore, the insinuation that I am a beneficiary of the decision to rescind the cancellation of the contract between Intels and the federal government is untrue and should be seen for what it is: mischief.” 

This disclosure comes in response to claims suggesting that Atiku had substantially profited from selling his shares to Tinubu.

NPA resumes its contracts with Intels

The transaction in question involved Atiku selling his interests in Intels for $100 million through a series of transactions, ultimately exiting the company along with his family. This move has been a point of significant interest and speculation, especially considering the political stature of Atiku in Nigeria.

Furthermore, the Nigerian Ports Authority (NPA) recently issued a directive to resume the service boat operation contract with Intels. This decision, outlined in a circular dated November 30, 2023, titled ‘Reinstatement of Intels Nigeria Limited as the monitoring provider for service boat operations in the pilotage district,’ marks a significant turn in the company’s fortunes, three years after the contract’s initial cancellation.