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.
The Lagos State Security Trust Fund has intensified support for community-based security with the donation of 100 anti-riot kits and 1,000 pairs of operational boots to the Lagos State Neighbourhood Safety Agency.
The high quality modern equipment was presented on behalf of the Executive Secretary/CEO, Dr. Ayodele Ogunsan, by the Director of Administration, Mr. Adegbola Lewis, to the General Manager of LNSA, Dr. Ifalade Oyekan, at the Agency’s headquarters in Oshodi.
The Lagos Neighbourhood Safety Agency plays a critical role in grassroots security as they support the police through intelligence gathering, routine patrols, and community policing initiatives across all local government areas in the state. The Corps is also tasked with maintaining law and order, detecting suspicious activities, and fostering safety awareness within communities.
The intervention is expected to further strengthen neighbourhood-level security architecture and deepen collaboration between communities and formal law enforcement agencies in State.
The Federal government has declared Friday, May 1, a public holiday to commemorate this year’s International Workers’ Day.
The Minister of Interior, Olubunmi Tunji-Ojo, made the announcement on behalf of the government.
In a statement signed by the Permanent Secretary of the ministry, Magdalene Ajani, the minister congratulated workers nationwide, commending their commitment and contributions to national development.
He noted that the dedication of Nigerian workers remains vital to the country’s growth and economic progress, urging them to sustain values of patriotism, productivity and diligence.
Tunji-Ojo also reaffirmed the government’s commitment to improving workers’ welfare, enhancing security and creating an enabling environment for economic expansion.
He called on Nigerians to remain peaceful and law-abiding during the celebration, encouraging citizens to reflect on the importance of unity and hard work in nation-building.
The Trade Union Congress (TUC) has expressed concern over the rising pressure on workers’ welfare and economic conditions of the country.
The Congress warned that it would embark on nationwide protest, if there is no improvement.
The warning was conveyed in in a communiqué jointly signed by the TUC President, Mr. Festus Osifo, and Secretary-General, Mr. Nuhu Toro, at the end of its National Executive Council (NEC) meeting in Abuja.
The Congress said the NEC meeting reviewed the state of the nation, developments within the congress, preparations for the 2026 May Day celebration, and other critical issues affecting Nigerian workers.
“The prevailing economic hardship has significantly affected the living standards of Nigerian workers, making daily survival increasingly difficult.
“We are closely monitoring the situation, and if there is no improvement, the congress will have no option but to mobilise workers in defence of their welfare.
“Government must urgently take concrete steps to address the rising cost of living and restore confidence in the economy,” it said.
The Congress said rising fuel prices, inflation, electricity tariff increases and insecurity had combined to erode workers’ purchasing power and living standards.
It noted that global developments, including the Iran–U.S. conflict, were further worsening economic pressures through higher energy costs and supply chain disruptions.
According to the TUC, Nigerian workers have not benefited from higher global oil prices but continue to face rising costs of transportation, food and essential services.
It urged the Federal Government to deploy excess crude revenue to cushion economic shocks and support vulnerable citizens.
The congress also called for urgent measures to stabilise fuel prices, improve electricity supply, and address insecurity nationwide.
It emphasised the need for policies that promote decent work, job security and social protection.
“The government must prioritise the welfare, dignity and security of Nigerian workers in all policy decisions,” it said.
The TUC further called for tax relief for manufacturing companies and workers to ease economic pressure and stimulate productivity.
On electricity, it condemned repeated tariff increases without improved service delivery and demanded fair pricing, universal metering, and an end to estimated billing.
The congress expressed concern over rising insecurity, describing it as a major threat to economic activities and workers’ safety.
It urged government at all levels to adopt coordinated, intelligence-driven strategies to protect lives, farms, businesses and critical infrastructure.
“A stitch in time saves nine,” the communiqué added.
