Felak Group Debunks False Story in Purported $7m Transaction

Felak Group, together with its subsidiary, Oceangate Engineering Oil & Gas, has debunked a publication authored by one Mr. Chukwudi Iwuchukwu in an attempt to link the Group’s Chief Executive Officer, Dr. (Mrs.) Aisha Achimugu, OFR, and Oceangate Engineering Oil & Gas to a purported $7 million cash transaction involving Providus Bank.

In a statement signed and made available to journalists on Thursday, Felak Group management denied any connection whatsoever to the alleged transaction, describing the publication as “unfounded, contradictory and misleading”.

“We categorically state that neither Dr. (Mrs.) Achimugu nor Oceangate Engineering Oil & Gas has any connection whatsoever to the alleged transaction. The claims are unfounded, contradictory, and misleading,” the statement reads, adding that, “while the publication suggests the funds were deposited in Lagos, the referenced legal proceedings state otherwise in Abuja, an inconsistency that underscores its lack of credibility”.

According to Felak Group, it is evident that the allegations were designed to undermine confidence in its leadership and discredit the work of Oceangate Engineering Oil & Gas. “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 Group stated.

As a responsible corporate institution, with transparency, ethical business
practices and excellence as its key attributes, Felak Group reiterates its unwavering commitment to always protecting its name, its people and its legacy, while it calls on the author and all parties who have circulated the rumour to issue an immediate and unconditional retraction and apology, with the same visibility as the original publication.

The Group therefore promises that if the demands are not met, it will be left with no option than to pursue every available legal option to restore its reputation. “Should this not occur immediately, we will have no choice but to pursue all
necessary legal remedies available to us.
Felak Group remains steadfast in driving innovation and excellence across our industries whilst conducting business with the utmost integrity,” the statement concludes.