Oceangate Parent Firm, Felak Group, Denies $7 Million Transaction Allegation, Demands Retraction

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

In a statement on Thursday, the company described the claims, published by 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 to inconsistencies in the report, noting that while it suggested the funds were deposited in Lagos, the referenced legal proceedings indicated Abuja. The company said this contradiction underscored the report’s lack of credibility.

The group also criticized what it described as an attempt to damage its reputation and undermine 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,” the management said.

Felak Group demanded an immediate and unconditional retraction and apology from the author and others who circulated the story, stressing that any correction must receive the same visibility as the original report.

It added that failure to comply would leave it with no option but to seek legal remedies.

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