More Intels Workers May Lose Jobs As Atiku Pulls Out
More Nigerians who have managed to retain their jobs in the wake of the face off between Intels and the Federal Government may be thrown into the unemployment market, following the decision of Vice President Atiku Abubakar to divest his shares.
Many have already been sent home due to the decision made by Intels to scale down the size of its workforce.
These are not good times for the company and Atiku believes the firm in which he invested is being targeted by the Buhari administration.
The Nigerian Ports Authority, NPA, has denied the insinuations, saying the allegation is completely unfounded.
“There should be a marked difference between politics and business”, an obviously devastated Atiku Abubakar declared hours ago through Paul Ibe, his spokesman.
Atiku, former Vice President of Nigeria and co-founder of Integrated Logistics Services Nigeria Limited, Intels made the allegation in a statement which explained the rationale behind the decision to sell shares owned by him.
Part of the statement issued by Paul Ibe read: “Co-founder of Integrated Logistics Services Nigeria Limited, Intels, Atiku Abubakar, has been selling his shares in Intels over the years.
“It assumed greater urgency in the last five years, because this government has been preoccupied with destroying a legitimate business that was employing thousands of Nigerians because of politics.”
Trouble began when the Federal Government accused Intels of refusing earned from a pilotage understanding into the Single Treasury Account.
(INTELS) Nigeria Limited has in the last 17 years provided comprehensive integrated services, particularly in the nation’s oil and gas industry.
As a result of the face off between Intels and the Federal Government, its contract with NPA for pilotage monitoring was canceled.
Recall that the federal government had in October 2017 directed NPA to terminate the boats pilotage monitoring and supervision agreement.
NPA accused Intels of refusing to transmit to the federal government, revenue totalling $207.646 million (N78.905 billion) as at September 30, 2019.
NPA said the money was aside from service boat pilotage revenue for January 1, 2020 to July 31, 2020 amounting to $97.029 million, which adds up to $307.675 million (N115.775 billion) in the custody of Intels.
Meanwhile, Tommaso Ruffinoni, Spokesman for the company confirmed the decision by Atiku to pull his investment out of the firm, saying the former PDP presidential candidate finally decided to take a walk in December last year.
According to ThisDay, the former vice president sold his interests through a series of deals executed by Guernsey Trust. Those transactions intended to reduce Atiku’s exposure to the company began in December 2018.
There are strong indications that Atiku sold his shares in Intels to Orleal Investment Group, the parent company of Intels.
Financial experts speculate Atiku may have reaped approximately $100 million through the divestment deal which has spanned two years.
ThisDay reports that Atiku was paid $60 million, $29 million $24.1 million in three instalments.
Despite residing in Dubai, Atiku’s interest to bid for the presidency after Buhari leaves office is well known.
His interest is said to be responsible for the rift between groups led by him and other rivals within the PDP who think the time has come to try someone else.
Incidentally, Atiku ought to have the right of first refusal in a system that works, but the lines politics may not be as straight as the lines of mathematics.
With the kind of money Atiku now has in the kitty, analysts are predicting it would be difficult for opponents in the party to stop him if he is nurturing a presidential ambition.
Given what has transpired, two of his children working in the organisation, Mr. Adamu Atiku Abubakar and Mr. Aminu Atiku Abubakar, have ended their relationship with the firm
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