Intels Nigeria Limited has explained why it parted ways with one of its major stakeholders and a former Vice President of Nigeria, Atiku Abubakar.
In a statement titled ‘Intels Severs Ties With Atiku’, released 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 also terminated the working relationship with Mr Abubakar’s sons, Mr Adamu Atiku-Abubakar and Mr Aminu Atiku-Abubakar, and since then, our Group does not have any contacts, neither direct nor indirect, with members of Mr Atiku Abubakar’s family.”
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