Felak Group dismisses $7 million transaction allegation, demands retraction

Abuja, Nigeria — September 18, 2025 — Felak Group has dismissed reports linking itsGroup Chief Executive Officer, Dr. (Mrs.) Aisha Achimugu (OFR), and its subsidiary,Oceangate Engineering Oil & Gas, to a $7 million cash transaction involving Providus Bank.

In a statement on Thursday, the company described the allegations published by Mr.Chukwudi Iwuchukwu as “false, contradictory, and misleading,” stressing that neither Dr.Achimugu nor Oceangate had any involvement in the matter.

“We categorically state that neither Dr. Mrs. Achimugu nor OceangateEngineering Oil & Gas has any connection whatsoever to the allegedtransaction,” the statement read.

Felak Group also pointed to inconsistencies in the report, noting that while it claimed thefunds were deposited in Lagos, the legal proceedings cited indicated Abuja.

“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 freeexpression,” the management said.

The company demanded an immediate and unconditional retraction and apology from theauthor and from those who circulated the story, adding that the correction must be giventhe same level of visibility as the original publication.

It further warned that failure to comply would leave the Group with no option but topursue legal remedies.

“Felak Group remains steadfast in driving innovation and excellence across ourindustries whilst conducting business with the utmost integrity,” the statementconcluded.SOCIAL MEDIA CAPTION:Felak Group dismisses reports tying its CEO and Oceangate Engineering Oil & Gas toa $7M deal, calling the claims defamatory and cautioning of possible legal action if not withdrawn.

Felak Group dismisses $7 million transaction allegation, demands retraction