Intel replies Atiku, says no political influence in business decisions

Intels Nigeria Ltd. an oil and gas logistics company, has said its business has not been hindered by political influences from the present government. The company made the clarification in a statement it issued on Tuesday, in Lagos. Real reasons Atiku sold Intels’ stake Intels: The long battle between FG, Atiku It will be recalled […]

Intels Nigeria Ltd. an oil and gas logistics company, has said its business has not been hindered by political influences from the present government.

The company made the clarification in a statement it issued on Tuesday, in Lagos.

• Real reasons Atiku sold Intels’ stake
• Intels: The long battle between FG, Atiku

It will be recalled that on Monday, Intels announced that it had severed ties with its former shareholder, former Vice President Atiku Abubakar, after the latter sold his interests in Intels’ parent company, Orlean Invest Holding.

The transactions were executed through Guernsey Trust, in deals that began in December 2018 and concluded in 2020.

However, Abubakar, who confirmed his divestment from the company, blamed President Muhammadu Buhari’s administration for trying to destroy the company because of political differences.

The spokesman for Intels Nigeria Limited–Orlean Invest Group, Tommaso Ruffinoni, said the company’s decisions had been devoid of political considerations as it had always operated according to market logic.

“Intels Nigeria Limited and its parent company, Orlean Invest Holding, in relation to some statements that appeared in the press yesterday and today, categorically deny that its business has at some time been hindered by political influences from the current government.

“The company has always operated according to market logic, thanks to its history and commitment to the development of the Nigerian economy in the oil and gas logistics sector.

“The ongoing contradictions are part of a natural commercial divergence, which will hopefully be resolved, as in the past, by a new approach, in the interest of all the parties, also according to the social role that Intels plays in the country.

The Face-off

Daily Trust reports that the Nigerian Ports Authority (NPA) had in September 2020 terminated a boats pilotage monitoring and supervision agreement that the agency had with Intels, saying that the contract was illegal.

The federal government earlier in April 2020 approved the recommendations of the Attorney-General of the Federation, Abubakar
Malami, breaking the near monopoly of Mr Atiku’s Intels in the handling of oil and gas cargoes in the country.

Malami had in a letter addressed to the NPA argued that the agreement, which had allowed Intels to receive revenue on behalf of NPA for 17 years was in contravention of the Nigerian Constitution, especially because of the implementation of the Treasury Single Account (TSA)
policy of the government.

Intels, however, kicked against the termination of the agreement, describing the action as “preposterous” and highly injurious to Nigeria.

How transaction took 2 years

The latest assets sold off by Atiku is said to be worth $100 million or about N38.1 billion spanning a tranche transaction of two years.

Officials at Intels, which has its operational base at Onne Port in Rivers and in Lagos, said the deal was completed in December 2020, with Atiku exiting the company after he sold off his stake.

One of the officials who spoke in confidence said the stake was sold to Orleal Investment Group, the parent company of Intels, for $100m but in three tranches of $60m, $29m and $24.1m.