Nigerian businesswoman Aisha Achimugu’s Felak Group rejects ties to $7 million Providus Bank deal

Felak Group, a Nigerian consortium led by businesswoman Aisha Achimugu, has denied reports connecting its chief executive and subsidiary Oceangate Engineering Oil & Gas to an alleged $7 million cash transaction at Providus Bank.

The company said the claims, published by commentator Chukwudi Iwuchukwu, were unfounded and intended to damage its reputation. In a statement Thursday, Felak said neither its CEO nor Oceangate had any involvement in the matter.

It also noted inconsistencies in the reporting, pointing out that the article suggested the deposit took place in Lagos, while the court documents cited referred to Abuja. “Such contradictions show that the story has no factual basis,” the management said.

Felak argued that the allegations were aimed at eroding confidence in its leadership and discrediting Oceangate’s operations. Calling the report “an abuse of free expression,” the company demanded a retraction and apology, warning that failure to do so could lead to legal action.

78 projects delivered over 20 years

Founded in 2000, Felak Concept Group describes itself as a diversified group with interests spanning oil and gas, infrastructure engineering, marine advisory, digital solutions, training, media consulting, and design.

The company says it has completed more than 78 projects in over two decades, employs more than 100 people, and supports social initiatives through the SAM Empowerment Foundation, its nonprofit arm.

Aisha Sulaiman Achimugu is the founder and group CEO. She also chairs Bluewave Exploration and Production Limited and is linked to several businesses within the group, including Felak Concept Ltd., Altex Engineering Services Ltd., Oceangate Engineering Oil & Gas Ltd., and Koncept Digital Integrated Services.

Legal scrutiny

The company’s defense comes at a time when its leader faces her own legal troubles. In April, Nigeria’s Economic and Financial Crimes Commission (EFCC) arrested Achimugu over allegations of a $150.3 million fraud tied to bribery and offshore oil asset acquisitions.

That arrest followed a March notice in which the EFCC declared her wanted in connection with alleged money laundering tied to a $1.8 billion oil project in Grenada. Months earlier, in October 2024, Oceangate Oil and Gas signed a $1.8 billion agreement with Global Petroleum Group to develop offshore resources near Grenada.

Felak has maintained that it will continue to run its businesses with transparency and ethical practices, urging media outlets and commentators not to “drag its name into baseless controversies.”