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Special Assistant To Tinubu Refutes Reports On Atiku’s Shareholding In Intels

Published

1 year ago

Dec 4, 2023.

EKO HOT BLOG reports that the Special Assistant to President Bola Ahmed Tinubu on Social Media, Dada Olusegun, has distanced his principal and former Vice President Atiku Abubakar from the ownership of oil and gas logistics company, Integrated Logistic Services Nigeria Limited (Intels).
Recall that reports had emerged claiming Tinubu had acquired shares of Intel and awarded contracts to the firm. Another report had claimed that Atiku still remained a shareholder of the logistics company.

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In a statement titled: ‘Quick one on NPA and INTEL’ on his X handle on Sunday, Dada described as delusional reports claiming that Atiku still has interest in Intel or that Tinubu bought shares in the company.

Read his statement below:

Quick one on NPA and INTEL

– Nigeria’s annual revenue generation from boat service operations dropped from over $200m annually, to around $50m after the termination of contracts between the NPA and its lead boat service operator in 2020; INTEL Nigeria Limited.

– On September 1, 2020 the Lagos Pilotage District (LPD) of the NPA said the operations being handled by Intels has been terminated and as such all service boat owners should deal directly with the Port Authority.

– Due to lack of operational capacity and experience, the handlers could not meet up with delivery which affected revenue generation via that window.

– On assumption of office, the new administration led by President Tinubu assigned officials to look into areas of revenue leakage across the country and the boat operations contract terminated in 2020 was listed as a window through which Nigeria was losing over $150m annually.

– Conflict resolution was the way as Nigeria needs to shore up revenues at a critical time and thus an endorsement was given to INTEL to resume operations in November 2023.

– A reminder that former Vice President Atiku had already sold his stake in the port over 3 years ago and any idea of political patronage should be disregarded.

– INTEL is now fully owned by Orleal Investment Group, the parent company, which bought Alhaji Atiku’s shares for amounts totalling over $100 million in a move that ended the working relationship of his two sons, Adamu and Aminu Atiku Abubakar, with the company, after several years.