How Security Agencies Traced N835m Coup Fund to Timipre Sylva

Security agencies have traced N835 million in alleged coup funding to entities linked to former Bayelsa State Governor Timipre Sylva, according to investigators probing a purported plot to overthrow President Bola Ahmed Tinubu.

Security sources familiar with the probe said financial intelligence tracking uncovered two corporate channels allegedly used to move funds tied to the conspiracy. 

According to investigators, N785 million was traced to an Abuja-based construction firm, while another N50 million was linked to a Lagos property company.

Officials alleged that the bulk of the funds flowed through Purple Waves Limited, a firm registered for construction and maintenance services in 2009. 

Although company records at the Corporate Affairs Commission do not list Sylva as a director or shareholder, investigators believe the entity served as a financial conduit for the individual.

A senior security official, who spoke on condition of anonymity due to the sensitivity of the matter, said the transactions formed “a central pillar of the financing structure behind the plot.”

“Financial trails do not lie,” the source said. “Once the money was mapped, it became clear how the network sustained its operations.”

Sylva, who previously served as Minister of State for Petroleum Resources under former President Muhammadu Buhari, has denied any involvement in coup-related activities. 

Efforts to obtain fresh comments from him were unsuccessful as of press time.

Moreover, investigators confirmed that John Ebokpo, listed as secretary of Purple Waves Limited, has been taken into custody. 

When reporters visited the company’s registered address in Abuja, the premises appeared to be locked and inactive, with neighbouring occupants indicating that it had remained shut for months.

The second stream of funding allegedly involved Clay Ring Services Limited, a Lagos-based property firm. 

Authorities claimed that N50 million was channelled through the company by one Moses Zakwa. 

However, little verifiable information is available about Zakwa, and attempts to reach other listed directors proved abortive.

Meanwhile, the Defence Headquarters had earlier announced that investigations into the alleged coup had been concluded and forwarded to the appropriate authorities for further action. 

Military officials described the conduct of implicated officers as “inconsistent with the ethics and professional standards of the Armed Forces of Nigeria.”

According to intelligence sources, about 40 suspects are currently in detention. 

Those held reportedly include senior military officers, a police officer, and several civilians accused of handling reconnaissance, funding logistics, and information dissemination.

The operation was said to have been jointly coordinated by Army Headquarters and the State Security Service, with financial aspects of the case receiving attention from the Economic and Financial Crimes Commission.

Investigators also identified a retired Major General, referred to as Adamu, as a significant figure within the alleged network. 

He is reportedly at large. Authorities similarly listed Sylva among individuals being sought in connection with the financing claims.

Furthermore, intelligence reports suggested that one suspect fled to a South American country, though officials declined to provide additional details, citing security concerns.

Sources alleged that the original plan was to disrupt the May 29, 2023, presidential inauguration. 

However, the scheme was reportedly shelved due to limited resources and logistical setbacks before being reactivated in 2025 following fresh inflows of funds.

The alleged mastermind, identified as Colonel Alhassan Maaji, was said to have coordinated strategic elements of the operation. 

Security insiders claimed that top government figures, including Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker Tajudeen Abbas, were listed as potential targets.

Planned objectives allegedly included seizing control of the Presidential Villa, the Niger Barracks, the Armed Forces Complex, and the Nnamdi Azikiwe International Airport.

In addition, investigators reportedly recovered a cache of military-grade weapons, including gun trucks, anti-aircraft systems, PKT guns, rocket-propelled grenades, AK-47 rifles, and ammunition. 

Tactical vehicles, including multiple Toyota Hilux trucks and other automobiles allegedly procured for covert deployment, were also seized.

“All recovered exhibits are in custody,” a security source said. The official added that funds recovered during the operation have been deposited into a Nigerian Army Military Police account domiciled with the Central Bank of Nigeria.

As the case progresses, attention remains fixed on the financial architecture of the alleged conspiracy. 

Analysts say the tracing of N835 million underscores the critical role of forensic accounting in modern security investigations.