Atiku’s exit from Intels Group not political, Ruffinoni insists

Nigeria’s oil and gas logistics giant, Intels Nigeria Limited, has insisted that the decision to sever ties with former Vice President Atiku Abubakar was purely economical, and not political.

Recall 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, through a series of transactions executed through Guernsey Trust, in deals that began in December 2018 and concluded in 2020.

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

In a statement issued on Tuesday, Spokesman for Intels Nigeria Limited–Orlean Invest Group, Tommaso Ruffinoni, said the company’s decisions have been devoid of political considerations as it “has always operated according to market logic”.

The full statement dated 5th January 2021 reads: “Intels Nigeria Limited and with its parent company Orlean Invest Holding in relation to some statements that appeared in the press yesterday and today, categorically denies 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 severance from the world of Atiku Abubakar was an economic decision, in the exclusive interest of the company, and to irreconcilable strategic differences with the new governance structure of the Intels – Orlean Invest Group.”