• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Business

Intels says Atiku no longer a majority shareholder

William Ukpe by William Ukpe
January 5, 2021
in Business, Spotlight
Intels says Atiku no longer a majority shareholder
Share on FacebookShare on TwitterShare on Linkedin

Integrated Logistics Services Nigeria Ltd, a logistics company in Nigeria’s Oil and Gas and Port transport system, has announced that former Vice President, Atiku Abubakar is no longer a majority shareholder, after he sold his shares.

This was disclosed in a statement signed by the company spokesman, Tommaso Ruffinoni, on Monday.

READ: Recession: Nigeria must stop borrowing for anything other than essential needs – Atiku

RelatedStories

FG’s plan to remit crude oil sale revenue to CBN account illegal – Atiku Abubakar

Atiku demands public audit of $1.07 billion earmarked for health reforms by FG  

February 9, 2025
Atiku Abubakar,

NBS website hack is suspicious – Atiku Abubakar 

December 20, 2024

Intels revealed that Atiku completed the transaction in 2020 after he exited his holdings in Intels through the trust, Guernsey Trust International, which sold shares valued at $60 million between December 2018 and January 2019.

“In the period between April and May 2020, Abubakar converted his remaining shares into a convertible bond that he subsequently monetised up to a residual sum of approximately 29 million dollars,” Intels said.

“When he requested to cash in the above-mentioned sum, our Group contested to Abubakar a debt, towards our Group, of 24.1million dollars.

READ: Share buyback: Dangote shares gain 10% in early trading as investors launch full bids

“Without having received any answer regarding the matter, on Nov. 30, 2020 Abubakar was informed about the set-off of such sum while we made available the remaining sum of 5.4 million dollars.

“With the completion of the above-mentioned transactions, the era of Abubakar family’s involvement with the Group Orlean-Intels is over,” the company added.

READ: 5 Consumer stocks you should consider for your portfolio

Intels also disclosed that they had stopped working with Atiku Abubakar’s sons.

“Since that date, our Group does not have any contacts, neither direct nor indirect, with members of Abubakar’s family,” the statement added.

READ: Do Foreign Investors want President Buhari to lose the election?

What you should know 

Nairametrics reported last month that the Managing Director of the Nigerian Port Authority, Hadiza Bala-Usman, said that Integrated Logistics Services (Intels) had been using its political influence to operate outside of the legal framework of the Nigerian maritime regulations.

  • Intels, in October 2017, had been drawn into a battle with the NPA over the termination of the pilotage agreement with the firm, based on advice by Abubakar Malami, the Attorney General of the Federation (AGF).
  • The company had threatened legal action, but later backed down and made assurances that it would comply with the Treasury Single Account (TSA) rules. That led to the issuance of an ultimatum to Intels to pay $48million into the TSA.
  • The NPA boss said the $48 million was the amount Intels ought to have remitted to the government between November 2016 and December 2017.

Follow us for Breaking News and Market Intelligence.
Tags: Atiku AbubakarBusiness NewsIntegrated Logistics Services Nigeria LtdIntelsNigeria News
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

FG’s plan to remit crude oil sale revenue to CBN account illegal – Atiku Abubakar
Business News

Atiku demands public audit of $1.07 billion earmarked for health reforms by FG  

February 9, 2025
Atiku Abubakar,
Business News

NBS website hack is suspicious – Atiku Abubakar 

December 20, 2024
Tinubu sacks five ministers, appoints seven new ones amid cabinet reshuffle  
Energy

Presidency directs N5.4 trillion subsidy savings toward nationwide development initiatives 

November 11, 2024
LASG gives 4-day relocation deadline to squatters in Lagos coastal road, Lekki 
Business News

Flooding: Atiku Abubakar donates N100 Million for rebuilding Borno State 

September 15, 2024
AfriGO announces a groundbreaking “First” – Upgraded AfriGO settlement process for instant credit to POS Merchants
Economy

FG refutes reports of VAT increase to 10%  

September 9, 2024
Nigeria’s VAT revenue increases by 21% to N2.5 trillion in 2022
Economy

10% VAT Hike: Human Rights Group accuses Nigeria of following ‘worse off’ IMF directives

September 9, 2024
Next Post
Universal Music Group to expand operations in Nigeria

Universal Music Group to expand operations in Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Nigeria’s top 10 stockbrokers by value of transactions in second quarter 2025 
  • Champion Breweries shares up 246.46% — How other beer companies are performing in 2025 
  • Rwanda reaffirms commitment to strengthening trade, aviation, and ICT ties with Nigeria 

Follow us on social media:

Recent News

Nigeria’s top 10 stockbrokers by value of transactions in second quarter 2025 

July 5, 2025
Champion Breweries Plc

Champion Breweries shares up 246.46% — How other beer companies are performing in 2025 

July 5, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics