Fresh details from an ongoing investigation into the alleged 2025 coup plot against President Bola Tinubu have placed former Bayelsa State Governor and ex-Minister of State for Petroleum Resources, Timipre Sylva, at the centre of claims that billions of naira were mobilised to bankroll the failed conspiracy.
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The allegations are contained in thousands of pages of investigative records reportedly assembled by security agencies for the prosecution of military officers and civilians accused of involvement in the alleged attempt to topple the Federal Government.
The case files, reviewed by Premium Times, reportedly include bank transaction records, witness statements, digital communications, financial documents and handwritten notes linked to the suspected mastermind of the alleged plot, Col. Mohammed Ma'aji.
Authorities claimed their investigation uncovered an extensive financial trail allegedly connecting Sylva and several associates to funds that were later channelled into activities related to the planned coup.
According to investigators, more than ₦5 billion was allegedly accumulated in a dedicated account, while an additional ₦785 million was said to have been released to support different stages of the operation. Prosecutors have not proven these allegations in court.
Investigators alleged that the transfers were processed through Purple Waves Limited, an Abuja-based company operating in construction, real estate and land development.
They claimed the company became a financial channel through which money was distributed to individuals assigned specific roles in the alleged conspiracy.
"The investigation points to a carefully coordinated financial structure designed to disguise the true destination of the funds," the report reportedly stated.
Security officials further alleged that Bureau de Change operators received the money before redistributing it to various beneficiaries based on instructions allegedly issued by Ma'aji.
Corporate records reportedly show that Purple Waves Limited was incorporated in March 2009, with Inowei Ingoikputu and Abang Ogar listed as directors.
Investigators identified both men as associates of Sylva and claimed that some properties used to secure company loans belonged either to the former minister or individuals close to him.
The report further alleged that Sylva instructed the company's management in July 2025 to open a SunTrust Bank account, which investigators believe later became central to the movement of funds connected with the alleged coup plan.
Investigators also examined a payment of about ₦5.8 billion reportedly made by the Niger Delta Development Commission (NDDC) to Purple Waves Limited for a coastal protection project.
However, the report did not clarify when the contract was awarded, the total contract value, the extent of work completed or whether the commission had verified the payment.
Authorities nevertheless claimed the project proceeds were mixed with other financial inflows, including bank loans worth billions of naira and transfers from another company, Yobygo Nigeria Limited, before portions of the money were allegedly diverted.
The investigation further alleged that more than ₦8.2 billion passed through the company's accounts.
Three high-value properties in Abuja, estimated at nearly ₦11 billion, were reportedly pledged as collateral to secure part of the financing, although investigators said they only believed the assets were linked to Sylva or his associates.
Officials also alleged that invoices presented to the bank described the payments as expenses for fuel supplies, marine equipment, dredging services and site-clearing works tied to the NDDC project.
However, a Bureau de Change operator named in the investigation reportedly denied any knowledge of the documents.
Another aspect of the investigation questioned the bank's internal procedures, with a relationship manager reportedly telling investigators that he had never personally met the authorised signatories to the company's account despite billions of naira being processed.
"The pattern suggests that lawful commercial transactions may have been exploited to conceal unlawful objectives," investigators reportedly concluded in their findings.
The alleged conspiracy reportedly considered several possible dates, including September 27, October 1 and October 4, 2025.
However, authorities said no final date was adopted before Ma'aji was arrested on September 29, an event investigators believe brought the operation to an abrupt end.
Subsequent arrests reportedly involved serving and retired military personnel, a police officer, clerics and civilians accused of participating in the alleged plot or failing to disclose information to security agencies.
Investigators also disclosed that billions of naira remained in accounts linked to Purple Waves after the arrests.
One account holding approximately ₦4.3 billion was reportedly placed under a Post-No-Debit restriction, while another account containing about ₦2.9 billion remained under investigation.
Authorities also directed the recovery of an unspent ₦306.6 million allegedly held by a Bureau de Change operator.
Sylva has consistently rejected the allegations. Since the claims first surfaced in October 2025, the former minister has maintained that he had no connection to any coup plot, dismissing the accusations as baseless rumours.
"I have never financed or supported any attempt to undermine Nigeria's constitutional government," Sylva said in his earlier response, insisting the allegations were entirely false.
Meanwhile, five individuals identified as associates of the former minister are facing proceedings in Abuja over allegations that they concealed information regarding his whereabouts.
The criminal allegations against Sylva and the other suspects remain before the courts, and none have been convicted.
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