Atiku Abubakar, a former vice president, has sold off his shares in Integrated Logistics Services Limited (Intels).
This was disclosed in a statement issued by Paul Ibe, Atiku’s spokesperson, on Monday.
The former presidential candidate and Gabriele Volpi, an Italian national, co-founded the company, which provides integrated logistics services for Nigeria’s maritime, oil and gas sectors.
According to Atiku, he was forced to sell off his shares because the President Buhari administration allegedly hounded the business by policy reversals and arbitrary actions in the maritime sector.
The businessman cum politician claimed that the current administration has been “preoccupied with destroying” the business since 2015.
The statement 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.
“He has sold his shares in Intels and redirected his investment to other sectors of the economy for returns and creation of jobs.”
He added that “there should be a marked difference between politics and business”.
In 2010, Intels signed an agreement with the Nigerian Ports Authority (NPA), which allowed the firm to collect revenue on behalf of the federal government agency on some port operations.
But in 2017, the Federal Government terminated the boats pilotage agreement it signed with the company, after Abubakar Malami, the Attorney-General of the Federation (AGF), said it violated the constitution.
The company was also accused in 2017 of not paying taxes and failing to remit $48 million.