Felak Group has firmly refuted claims linking its Chief Executive Officer, Dr. Aisha Achimugu, and its subsidiary, Oceangate Engineering Oil & Gas, to a $7 million transaction reportedly uncovered by the Economic and Financial Crimes Commission (EFCC).

In a statement issued on Saturday, the company described the allegations as baseless and malicious, arguing that the reports were deliberately circulated to tarnish its image and undermine public confidence in its leadership.

The EFCC was said to have traced the disputed funds to a commercial bank’s vault, with the money eventually forfeited to the federal government following a court order. However, Felak Group stressed that neither its CEO nor its subsidiary had any role in the matter.

“The publication carried obvious inconsistencies, including conflicting details about where the deposit allegedly took place. Such discrepancies highlight the lack of credibility in the story,” the company explained.

The management added that the accusations were a clear attempt to damage the reputation of Oceangate Engineering Oil & Gas and discredit years of work built on transparency.

Felak Group warned that those behind the report must issue a retraction and public apology with equal prominence or face legal action.

The company reaffirmed its commitment to integrity and ethical business practices, saying it would continue to focus on its operations without being distracted by what it called fabricated controversies.