Felak Group Denies $7m Cash Deal Allegation, Demands Retraction

Abuja, Nigeria – 30 September 2025 – Felak Group has strongly rejected reports linking its Group Chief Executive Officer, Dr (Mrs) Aisha Achimugu (OFR), and its subsidiary, Oceangate Engineering Oil & Gas, to a $7 million transaction allegedly involving Providus Bank.

The company described the claims, published by commentator Chukwudi Iwuchukwu, as “false, contradictory, and defamatory,” stressing that neither its CEO nor Oceangate had any connection to the disputed funds.

“We categorically state that neither Dr (Mrs) Achimugu nor Oceangate Engineering Oil & Gas has any connection whatsoever to the alleged transaction,” the Group said in an official statement on Thursday.

Felak Group also highlighted what it called inconsistencies in the report, noting that while the publication alleged the funds were deposited in Lagos, the referenced legal filings indicated Abuja.

Management condemned the attempt to tie its leadership and subsidiary to the controversy, calling it “a gross abuse of free expression” and an attack without any factual foundation.

The company is demanding an immediate, unreserved retraction and public apology from both the author and those who shared the story, warning that failure to comply would leave it with “no option but to seek legal remedies.”

Despite the controversy, Felak Group reaffirmed its commitment to business excellence and integrity, pledging to remain focused on innovation across its industries.