Felak Group Denies Link To Forfeited $7m Cash In Providus Bank

Felak Group has dismissed reports linking its Chief Executive Officer, Dr Aisha Achimugu, and its subsidiary, Oceangate Engineering Oil & Gas, to a controversial $7 million cash deposit in Providus Bank.

The company described the claims credited to a recent publication by on Mr Chukwudi Iwuchukwu, as false, misleading, and deliberately crafted to smear its reputation.

In a statement issued on Thursday, the Group stressed that neither its CEO nor its oil and gas subsidiary has any connection with the alleged deal. It added that inconsistencies in the report further revealed its lack of credibility.

“The article suggested that the deposit occurred in Lagos, whereas the court documents it referenced indicated Abuja. Such contradictions show that the story has no factual basis,” the management said.

According to Felak Group, the allegations appeared calculated to erode public trust in its leadership and discredit the work of Oceangate Engineering Oil & Gas. The company described the attempt as “an outright abuse of free expression.”

The management emphasised that the company will continue to uphold transparency and integrity in its operations, but will not allow its name to be dragged into baseless controversies.

“We call on the author and those circulating the false report to issue a public retraction and apology with the same prominence as the original story. Failure to do so will leave us with no choice but to seek appropriate legal redress,” the statement added.

Felak Group reaffirmed its commitment to innovation, ethical business practices, and excellence across its industries.