FG stunned by Atiku’s alleged frustration to sell shares in Intels – Newstrends
Connect with us

Business

FG stunned by Atiku’s alleged frustration to sell shares in Intels

Published

on

Minister of Information and Culture, Alhaji Lai Mohammed, has expressed surprise at the allegation by former Vice-President Atiku Abubakar that the Federal Government’s frustration of his businesses prompted his divestment from Integrated Logistic Services (INTELS) Nigeria Limited, the country’s largest logistics company providing comprehensive services for the nation’s oil and gas industry.

Atiku, the presidential candidate of the opposition Peoples Democratic Party (PDP) in the last general election, explained that he sold off his shares in the company, which in 2015 he described as his most lucrative business, because of the alleged plots by the FG to destroy his business.

Reacting to the allegation, the minister asked for more time to make consultations and find out which policies of the Federal Government adversely affected Atiku’s business and forced him to sell off his shares in INTELS.

He said, “I will not be able to make any comment for now. I need to make consultations so that I will know which area of the Federal Government’s policies has impacted on his businesses; give me some time.”

Atiku, in a statement by his media aide, Paul Ibe, said the former vice president was forced to sell his shares in Intels to Orlean-Invest Group, Intels’ parent company, for various amounts totalling over $100 million in the deal that spanned two years.

Intels has had a running battle with the federal government, culminating in the cancellation of its 17-year-old contract with the Nigerian Ports Authority (NPA) for pilotage monitoring.

The Federal Government had in October 2017 directed the NPA to terminate the boats pilotage monitoring and supervision agreement that the agency has with Intels, saying that the contract was void ab initio.

The NPA had also accused Intels of refusing to remit to the federal government service boat pilotage revenue in the firm’s custody, which amounted to $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.

However, Intels had denied owing NPA to the tune of $145.8 million, insisting that NPA owes it over $750 million, giving to a possible recourse to litigation to resolve the dispute.

It was learnt that Atiku was paid $60 million, $29 million, $24.1 million in three instalments.

Intels also confirmed the deal, saying it had severed ties with Atiku and his family.

Atiku, in the statement, said he was redirecting his businesses through reinvestments.

He accused the government of destroying businesses meant to create jobs for Nigerians.

He said there should be a difference between politics and business.

The statement said, “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.

“There should be a marked difference between politics and business. Yes, he has sold his shares in Intels and redirected his investment to other sectors of the economy for returns and creation of jobs.”

Also reacting, Intels said it had severed ties with Atiku, a major shareholder, and his family after the former vice president, through the family trust, Guernsey Trust International, sold his shares to Orlean-Invest Group, Intels’ parent company, between December 2018 and January 2019.

In a statement entitled: ‘Intels severs ties with Atiku,’ its spokesman, Mr. Tommaso Ruffinoni, the company, however, stated, “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 terminated also the working relationship with Mr. Abubakar’s sons, Mr. Adamu Atiku-Abubakar and Mr. Aminu Atiku-Abubakar, and since that date, our group does not have any contacts, neither direct nor indirect, with members of Mr. Atiku Abubakar’s family.”

Aviation

Dana Air grounds plane after runway incident, 83 passengers on board

Published

on

Dana Air grounds plane after runway incident, 83 passengers on board

Dana Air says it has grounded its airplane that skidded off the Lagos airport runway on Tuesday.
The affected aircraft, a McDonald Douglas (MD-83) with registration 5N-BKI, had 83 passengers on board, it added.
Spokesman for the airline, Mr Kingsley Ezenwa, however, said all the 83 passengers and crew onboard the flight disembarked safely without injuries.
He said in a statement that the airline decided to ground the plane to allow for proper investigation into what caused the accident.
The statement read in part, “Dana Air regrets to inform the public of a runway incursion involving one of our aircraft, registration number 5N BKI, which was flying from Abuja to Lagos today, 23/04/24.
“We are relieved to confirm that all 83 passengers and crew onboard the flight disembarked safely without injuries or scare as the crew handled the situation with utmost professionalism.
“We have also updated the Accident Investigation Bureau, AIB, and Nigerian Civil Aviation Authority (NCAA) on the incident, and the aircraft involved has been grounded by our maintenance team for further investigation.
“We wish to thank the airport authorities, our crew for their very swift response in ensuring the safe disembarkation of all passengers following the incident, and our sincere apologies and appreciation to the passengers on the affected flight for their patience and understanding.”

Continue Reading

Aviation

Just in: Panic as Dana Air plane skids off Lagos airport runway

Published

on

Just in: Panic as Dana Air plane skids off Lagos airport runway

Tragedy was averted on Tuesday as a Dana Air plane skidded off the Lagos airport runway.

Although it was not immediately clear why the pilot lost control, causing the plane skid off the runway, Newstrends learnt that the incident led to the diversion of other flights to the international wing of the Murtala Muhammed Airport, Lagos.

In a post by X user, BelemaMhart — who boarded another airline — it was stated that there were no casualties.

Continue Reading

Business

FG revokes N32bn metering contract, vows to sell five DisCos

Published

on

FG revokes N32bn metering contract, vows to sell five DisCos

President Bola Tinubu has ordered the revocation of a N32 billion ($200m) metering contract awarded by the Federal Government since 2021 for non-performance.

Minister of Power Adebayo Adelabu disclosed this and hinted of plans to sell off five electricity Distribution Companies (DisCos) over persistent blackout.

Adelabu spoke on Monday while hosting members of the Senate Committee on Power in his Abuja office.

The minister said the Federal Government had mobilised a company named Messr Zigglass with $200 million (N32 billion) to supply three million meters, but that the firm had failed to deliver.

“If you held N32 billion for these years, where is the interest?” he asked.

According to him, President Tinubu has directed that the contract be revoked.

The government, he said, would bridge the current eight million metering gap in the next four to five years.

The minister also said the funding would be coming from a seed capital of N100 billion and N75 billion.

He added that the Nigerian Sovereign Investment Authority (NSIA) would come to the aid of the ministry with the funds.

The sale of the five DisCos to reputable technical power operators, he said, would be completed within three months.

He told the committee that tough decisions on the DisCos had become necessary because the entire Nigerian Electricity Supply Industry (NESI) failed due to the poor performance of the distribution companies.

The minister said the ministry would prevail on the Nigerian Electricity Regulatory Commission (NERC) to revoke underperforming licences and change the management boards of the DisCos if necessary.

Adelabu said, “On distribution, very soon you will see that tough decisions will be taken on the DisCos. They are the last lap of the sector. If they don’t perform, the entire sector is not performing.

“The entire ministry is not performing. We have put pressure on NERC, which is their regulator to make sure they raise the bar on regulation activities.

“If they have to withdraw licences for non-performance, why not? If they have to change the board of management, why not?

“And all the DisCos that are still under AMCON and banks; within the next three months, they must be sold to technical power operators with good reputations in utility management.

“We can no longer afford AMCON to run our DisCos. We can no longer afford the banks to run our DisCos. This is a technical industry and it must be run by technical experts.”

He listed those affected as Abuja Electricity Distribution Company (AEDC) under the management of the United Bank of Africa (UBA), Benin Electricity Distribution Company (BEDC), Kaduna Electricity Distribution Company and Kano Electricity Distribution Company managed by Fidelity Bank; Ibadan Electricity Distribution Company (IEDC) is under the AMCON management.

Investors hold 60 per cent of shares in the DisCos. The Federal Government holds the remaining 40 per cent.

Blackout has persisted in most states with DisCos blaming low allocation from the national grid as well as gas shortage to generating companies (GenCos) as the causes.

The minister said that the energy distribution assets are technical and should be managed by experts.

According to him, the Ibadan DisCo is too large for one company to manage.

Responding to the decision to resell the DisCos, a member of the committee, Senator Isah Jibrin, alleged that some of the operators have stripped the assets of the DisCos they took over in 2013.

He insisted that the operators of any revoked DisCo must be compelled to fix the assets as they were prior to handover.

Adelabu blamed issues in the industry on uncompleted projects and appealed to the committee to approve funds for the completion of over 120 projects across the country.

Continue Reading

Trending

Skip to content