Begin by heating olive oil in a large Dutch oven or braiser over medium-high heat. Pat the oxtails dry, season generously with salt and pepper, and sear them in batches until deeply browned on all sides. This step adds an essential layer of flavor to the base. Once seared, transfer the oxtails to a plate and set aside.

Add the chopped onion to the same pot and sauté for 3 to 5 minutes, or until softened and translucent. Stir in the garlic, ginger, and habanero, cooking for about a minute until the aroma is pronounced. Sprinkle in the allspice and smoked paprika, followed by the soy sauce and tomato paste. Continue to cook for another 2 to 3 minutes, stirring frequently, until the tomato paste deepens in color and begins to caramelize slightly.

Return the browned oxtails to the pot and pour in the beef broth—start with 4 cups, adding more as needed to ensure the meat is mostly submerged. Stir in the chopped thyme and bay leaves, then bring the pot to a boil. Once boiling, reduce the heat to low, cover with a lid left slightly ajar, and let it simmer gently for 2 hours, allowing the meat to tenderize slowly and flavors to concentrate.

After the initial braise, uncover the pot and stir in the drained lima beans. Simmer the stew uncovered for another 30 to 45 minutes, letting the liquid reduce slightly and the beans absorb the savory flavors.

When the oxtails are fork-tender and the broth has thickened slightly, remove the thyme sprigs and bay leaves. In a small bowl, whisk together the cornstarch with 1 tablespoon of water to form a smooth slurry. Pour the slurry into the pot and raise the heat to medium, stirring continuously until the sauce thickens to a luscious consistency.

Garnish with freshly chopped green onions and serve piping hot. This stew pairs beautifully with steamed rice, mashed yams, or crusty bread.