How Hosa Okunbo Colluded With Diezani, Others To Loot N50bn Through Dubious Contracts – Investigation


Hosa Okunbo

Reports have emerged on how Benin billionaire and Chairman of Ocean Marine Solutions Limited (OMSL), Capt. Hosa Wells Okunbo, connived with former Petroleum Minister, Diezani Allison-Madueke and other oil magnates to loot over N50 billion, in one of the biggest oil fraud cases Nigeria has ever had.

Investigations by a London-based journal,, revealed that Okunbo and his cronies, for over five years, midwifed oil theft, fraud and money laundering cesspool that milked Nigeria’s oil fortunes.

The report dubbed “Meet Nigeria’s Crude Oil Gangsters” revealed that Hosa Okunbor’s Ocean Marines Security and another firm, PPP FM, have since 2011 been involved in the transportation of five million barrels of crude from Escravos to Warri refinery, and Bonny Island to Port Harcourt refinery, from drilling terminals to the refineries using ship, and circumventing direct linking pipelines, at the cost of N3.063.00 ($15.4 USD) per barrel of crude.

Austin Oniwon among other legal advisers to the corporation and some others facilitated the deal for Ocean Marines and PPP Fluid Mechanics.

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After the Isrealis that had fronted for the two companies were “paid off,” they jerked up the contract sum to N6.7 billion monthly from N1.1 billion ($5.82 million USD) monthly, in the most bizzare manner in a contract that was never bidded for, according to industry sources.

While the deal was expected to supply Warri Refinery with 105.6 million barrels of crude, NNPC records show that the refinery only received 61.2 million barrels, combined. At least half of what was expected by ship alone was not delivered. Wells allegedly pocketed proceeds from the barrels never received by the Nigerian National Petroleum Corporation (NNPC).

According to the report, “In one year alone, Diezani and her cronies have fraudulently milked Nigeria about $11Billion from offshore processing agreements (OPAs) popularly known as oil swap. And within the Period she midwifed the Petroleum sector, Nigeria lost about $50Billion.In the well built cell of cronies whom she used at will to perpetrate the most audacious criminal activities in the oil industry, are men who built walls around themselves, spending petro-dollars with impunity, acquiring private jets, yachts, private islands, undermining and sabotaging the Nigerian economy.”

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Others on the oil scam list are Alhaji Abubakar Aliyu, (AKA A.A Oil), Dan Etete, Tope Shonubi, Tonye Cole, Ade Odunsi, Tunde Ayeni, Walter Wagbatsoma, Benny Peters, Jide Omokore and Kola Aluko.



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