Felak Group has distanced its subsidiary, Oceangate Engineering Oil & Gas, and the Group Chief Executive Officer, Dr. Aisha Achimugu from a purported $7 million cash transaction involving a bank.

The firm reaffirmed “our unwavering commitment to transparency, ethical business practices, and excellence”. Felak Group called on the purveyors of the story to retract it and apologise, or face legal proceedings.

According to a statement by the firm’s management, the story “attempted to link our Group Chief Executive Officer, Mrs. Aisha Achimugu, and Oceangate Engineering Oil & Gas to a purported $7 million cash transaction involving a bank.

“We categorically state that neither Dr. Achimugu nor Oceangate Engineering Oil & Gas has any connection whatsoever to the alleged transaction. The claims are unfounded, contradictory, and misleading.

“For instance, 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.

“It is evident that these allegations are designed to undermine confidence in our 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.

“As a responsible corporate institution, Felak Group will always protect its name, its people, and its legacy.

“We therefore call on the author and all parties who have circulated the story to issue an immediate and unconditional retraction and apology, with the same visibility as the original publication.

“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.”