Felak Group has dismissed reports linking its Group 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 Oceangate Engineering Oil & Gas has any connection whatsoever to the alleged transaction,” the statement read. 

Felak Group also pointed to inconsistencies in the report, noting that while it claimed the funds 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 free expression,” the management said. 

The company demanded an immediate and unconditional retraction and apology from the 

author and from those who circulated the story, adding that the correction must be given the same level of visibility as the original publication. 

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

“Felak Group remains steadfast in driving innovation and excellence across our industries whilst conducting business with the utmost integrity,” the statement concluded.

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