Metro
Opinion: OMS: The Missing Links in Hosa Okunbo’s Tale
By Anthony Badmus
Ordinarily, the attempt by Captain Hosa Okunbo to obfuscate the real issues and confuse the public through a massive manipulative media onslaught should be dismissed as a desperate and futile effort to clean his Augean stable. However, the inept and unskillful manner of his media campaign has only revealed to the discerning mind the missing links and his deliberate attempt to sidestep, if not totally avoid, addressing the substance of the issues in contention.
The issues in contention are crystal clear and unambiguous. The deliberate and orchestrated campaign to demonise Tunde Ayeni, a major investor and co-founder of Ocean Marine Services Ltd has failed to achieve its intended purpose but has rather resulted in leaving people wondering why the substance of the critical issues recently brought to fore in the public domain have been intentionally left unattended to.
Captain Okunbo wants Nigerians to believe that Tunde Ayeni has irrationally relinquished his shares in Ocean Marine Services to him. His claims are premised on an illogical notion that a highly discerning and successful entrepreneur such as Tunde Ayeni sold the totality of his over 30% equity stake in OMS, a multi-million dollar going concern valued well in excess of US$100 million, for a paltry sum of N2 billion (US$4.5 million) and a little change. He wants the corporate Nigeria to buy into the false narrative that a business strategy aimed at ensuring that huge debts owed the company was recouped was actually a forfeiture of investment decision, thereby resulting in a situation where he, Okunbo, has become the absolute Lord of the OMS Manor, whilst the man whose idea and contacts gave birth to the investment can take a dive.
However, it is common knowledge that deception has its limits and treachery has its expiry date. Discerning corporate players are not taken in by Okunbo’s wasteful media antics and the attempts to give a bad name to the one on whose back he rode to wealth and stardom. Assuming, without conceding, that his erstwhile Partner’s investments are now his in return for the proverbial bowl of pottage, a la Essau, does that, in any way, extinguish the critical corporate issues bordering on the illicit diversion of OMS’s corporate revenues that Okunbo has been called out to address?
Many still wonder what type of media battle is this that fails to address the salient issues that could clear his name once and for all, provoking the question: “Why is Okunbo dodging confronting the real issues?”
The critical issues here are gross mismanagement, stealing and criminal diversion of company funds. This matter is fundamentally about the abuse of business ethics and corporate governance for selfish ends.
Why is Okunbo maintaining a deafening silence on the allegation of the unauthorised withdrawal of $10 million allegedly spent on settling a Senate Hearing on one of the Subsidiary Companies, Secured Anchorage Area, SAA? When did the Board sit to approve such bizarre expenditure and on what basis?
Why is the recently deposed King Maker of Edo State Politics not in town to address the issue of the alleged illegal withdrawal of $8 million allegedly and supposedly spent on the Presidency, whatever that means. That withdrawal, which is what EFCC is currently investigating, was claimed to be funds withdrawn to take care of the dispute between the company and Ministry of Transportation and the Nigeria Ports Authority, NPA.
Why is this self-acclaimed Lord of the OMS Manor with intimidating resources to buy all available media spaces and pages not addressing the gross allegation of diverting $5.5 million, being the proceeds of the sale of the company’s Challenger Aircraft, to his personal farm in Benin?
And this is not all. The EFCC is also beaming its searchlight on the company’s $5 million, which Okunbo allegedly singlehandedly withdrew and claimed to have invested in an oil block owned by Star Oil as a 5 per cent stakeholder.
Another key issue that will engage the attention of the anti graft agency is the $1 million which the Captain allegedly claimed to have borrowed from the company but which he has refused to pay back.
The alleged infractions are legion. How does one justify a claim by a company Chair that he expended $30 million on a film on Oil Spill in the Niger Delta Region and expect investors and, even the long suffering Niger Delta people to be excited?
But the mother of all infractions appears to be Okunbo’s recent political misadventure in Edo State where he threw in an intimidating war chest which unfortunately yielded a colossal failure. An unspecified amount of money estimated at about $18 million allegedly withdrawn from the company’s account, was said to have been expended on that costly political misstep.
The EFCC definitely has its job clearly cut out for it in respect of the many infractions at OMS.
Okunbo will be explaining to the anti graft agency why he singlehandedly moved the company’s account from Polaris Bank to StanbicIBTC and thereby abandoning the loan repayment commitment by the company to the consortium of banks that funded the acquisition of Ibadan and Yola Electricity Distribution Companies. The loan currently is about $100 million.
As damning and mind boggling as these issues are, corporate watchers find it strange that at OMS’ so-called Board meeting of December 17 2020, the Board could only have a one line response to the issues raised as follows: “…that its accounts are in good and correct order and its funds are intact and not missing, misappropriated or otherwise mismanaged.” Of course, the so-called Board members are his minions and those with insignificant stakes in the company.
That the ‘Board’ could take such major issues bordering on corporate governance and accountabily with such levity and treat Nigerians with such disdain speaks to the mindset of this Lord of the Manor who must have convinced himself that he could get away with any infractions since, in his worldview, everything and everyone has got a price.
But the day of reckoning draws closer and it is just a little more time before Nigerians will find out that some gods truly have feet of clay.
Adron Homes & Properties Limited has congratulated Muslim faithful across Nigeria and around the world on the occasion of Eid, urging them to continue embracing the virtues of peace, sacrifice, love, and unity that the season symbolizes.
In a statement issued by the management of Adron Homes & Properties, the company described Eid as a sacred period that promotes spiritual renewal, compassion, gratitude, and harmonious coexistence among people irrespective of tribe, religion, or social status.
The foremost real estate company noted that the values of selflessness, obedience, and generosity demonstrated during the holy season remain essential ingredients for national growth and societal development.
According to the statement, Nigerians should use the festive period as an opportunity to strengthen bonds of brotherhood, extend love to the less privileged, and pray for enduring peace and economic prosperity in the country.
Adron Homes further reaffirmed its commitment to providing affordable luxury homes and building sustainable communities that promote comfort, security, and family values for Nigerians at home and abroad.
The company prayed for divine blessings, joy, and fulfillment for all Muslim faithful celebrating Eid and wished them a peaceful and memorable celebration.
Metro
Ikorodu Security: CP Tijani Launches ‘Command Sweepers Squad’, Deploys Three LSSTF Refurbished APCs
In swift response to the recent security concerns emerging out of Ikorodu and its environs over the nefarious activities of some criminal elements that are tormenting places such as Ijede, Ginti, among others, the Lagos Commissioner of Police, CP Fatai Tijani personally led a major show of Force across different part of Ikorodu to assert the dominance of the Police and other security agencies to thwart any crimes in the areas. This show of Force was also accompanied by the Inauguration of a special tactical security outfit codenamed ‘Command Sweepers’ Squad,’ which is a temporary intervention security outfit created to address the growing incidents of crimes and criminality within Ikorodu and adjoining areas, comprising of Command Tactical Teams, RRS, Lagos Taskforce, Eko Strike Force, 2 PMF, 22 PMF, and 63 PMF of the Lagos Police Command, alongside personnel from other sister security agencies and members of the Civilian Joint Task Force (CJTF), all working collaboratively to combat and stamped out criminality within Ikorodu and its environs. The Squad has been strategically deployed to identify black spots and criminal hideouts to carry out intelligence-led operations, raids, stop-and-search duties, and confidence-building patrols aimed at flushing out criminal elements and ensuring the safety of lives and property.
Top among the security equipment deployed for the show of force and the temporary Inaugurated ‘Command Sweepers’ Squad’ are the three (3) newly refurbished Armoured Personnel Carriers which were just handed over to the Lagos State Police Command by the Lagos State Security Trust Fund, LSSTF as well as Patrol vehicles.
While Inaugurating the ‘Command Sweepers’ Squad’, the Commissioner of Police, CP Tijani assured residents that the operation will be conducted professionally and in line with the rule of law, while urging members of the public to remain vigilant. He warned all criminally minded persons in Ikorodu and its environs to immediately pack their bags because his Command will not hesitate to decisively deal with them. Noting that the Command wasn’t resting on its oars, he revealed that the Squad will continue to patrol all nooks and corners in its bid to flush out all crimes and vices from the area.
Tijani assured law-abiding residents to continue supporting the Command with timely and credible information, through any of the emergency lines: 07061019374, 08065154338, 08063299264, 08039344870, and 09168630929.
He noted that this valuable information will enable the Police to effectively tackle crime and restore public confidence within the area. He also thanked the Executive Secretary/CEO of LSSTF, Dr Ayo Ogunsan for the logistics support including the 3 APCs which have enjoyed immediate deployment.
The Squad is strategically situated in Ijede to ensure swift deployment and easy access to all parts of Ikorodu and adjoining communities for effective crime prevention and rapid response operations.
The Independent National Electoral Commission (INEC) has approached the Court of Appeal in Abuja to set aside the judgment that voided the timelines it issued for the 2027 general elections.
The Commission also applied for the stay of execution of the judgment, pending the determination of its appeal.
In the notice of appeal dated May 25, which INEC filed through its team of lawyers led by Dr. Alex Izinyon, SAN, the Commission nine grounds it urged the appellate court to consider and vacate the judgment the Federal High Court in Abuja delivered on May 20.
Aside from its contention that the high court erred in law when it failed to determine a jurisdictional issue it raised, INEC maintained that the legal action the Youth Party (YP) initiated against it was not only hypothetical but academic.
It argued that failure of the trial court to make pronouncements on the issues, resulted in the denial of fair hearing to the Appellant.
More so, INEC insisted that the high court erred in law when it held that: “It is clear from the wordings of Sections 29(1), 82 and 84 of the Electoral Act, 2026, the following can be understood. Section 29(1) of the Electoral Act, 2026 mandates Political Parties to submit the names of candidates in prescribed forms of the candidates who emerged from its valid primaries which such a political party intends to sponsor at the elections, not later than 120 days before the date of the General Election.
“What is required of Political Parties to do under the Electoral Act, 2026 is to notify the Independent National Electoral Commission (INEC) 21 days before the holding of its primaries, congresses or conventions, days before the holding of its primaries, congresses or conventions, or any conference or meeting convened for the election of its executive committees, other governing bodies for nominating candidates.
“The Defendant is not mandated to impose a timeframe for political parties to conduct their primaries provided that it will be done and submitted not later than the 120 days provided by the Electoral Act, 2026. See Section 82(1) of the Electoral Act, 2026.”
INEC argued that the verdict of the trial court was against the weight of evidence placed before it by the parties.
Consequently, it prayed the appellate court for an order allowing the appeal and setting aside the judgment
The electoral body further urged the Court of Appeal to strike out YP’s case on the ground that it lacked the locus standi (legal right) to institute and maintain the action it said was merely academic.
