Abuja, Nigeria — September 18, 2025 — Felak Group has strongly denied reports linking itsGroup Chief Executive Officer, Dr. Mrs. Aisha Achimugu (OFR), and its subsidiary, OceangateEngineering Oil & Gas, to a purported $7 million cash transaction involving Providus Bank.
In a statement issued on Thursday, the company described the allegations, published by Mr.Chukwudi Iwuchukwu, as “false, contradictory, and misleading,” insisting that neither Dr. Achimugu nor Oceangate had any involvement in the matter.
“We categorically state that neither Dr. Mrs. Achimugu nor Oceangate Engineering Oil &Gas has any connection whatsoever to the alleged transaction,” the statement read.
Felak Group pointed out what it called glaring inconsistencies in the report. While thepublication suggested the funds were deposited in Lagos, legal proceedings referenced in thearticle reportedly indicated Abuja. The company argued that this contradiction underscored thestory’s lack of credibility.
The group also expressed concern over what it views as a deliberate attempt to tarnish itsreputation and discredit the work of its subsidiary.
“The attempt to link our principal and subsidiary to this matter is unfounded, misleading,and without any factual basis, and represents a gross abuse of free expression,” themanagement said.
Asserting that it will defend its name, people, and legacy, Felak Group demanded an immediateand unconditional retraction and apology from the author and all those who circulated the story,insisting the correction must receive the same visibility as the original report.
The company warned that failure to do so would leave it with no choice but to seek legalremedies.
Despite the controversy, Felak Group reaffirmed its commitment to integrity and excellenceacross its operations.
“Felak Group remains steadfast in driving innovation and excellence across our industrieswhilst conducting business with the utmost integrity,” the statement concluded.
