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

The company described the claims as false, misleading, and deliberately crafted to smear its reputation.

According to Felak Group, the allegations appear calculated to erode public trust in its leadership and discredit the work of Oceangate Engineering Oil & Gas.

“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 company stated.

Felak Group emphasized its commitment to transparency and integrity in its operations and vowed not to let its name 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.

This development comes after the Economic and Financial Crimes Commission traced $7 million in raw cash to Providus Bank’s vaults, which was later forfeited to the Federal Government following a court order.