Security agencies trace ₦835 million allegedly used to fund a failed coup against President Tinubu; ex-Bayelsa Gov Timipre Sylva linked to ₦785m via Purple Waves Ltd
₦835m Allegedly Funnelled to Overthrow Tinubu: Ex-Gov Alleged Top Financier in Foiled Coup Plot as Probe Deepens
Security investigators probing the alleged plot to topple President Bola Tinubu have traced ₦835 million in funding through two private companies, with former Bayelsa State Governor Timipre Sylva accused of contributing the lion’s share—₦785 million—via an Abuja construction firm, Premium Times reports.
The money allegedly flowed through Purple Waves Limited, where company secretary John Ebokpo has been arrested and remains in detention. Sylva, who served as Minister of State for Petroleum Resources under ex-President Muhammadu Buhari, is described as the principal financier of the conspiracy and is currently at large.
Sylva has previously denied any involvement in the alleged plot. His exact link to Purple Waves Limited remains unclear—Corporate Affairs Commission records do not list him as a director or shareholder. The company, registered in March 2009 for construction and maintenance services, has reportedly shut its Abuja office for four to five months, aligning with the timeline of arrests tied to the case.
Attempts by Premium Times to reach Sylva, his spokesperson Julius Bokoru, or other Purple Waves directors were unsuccessful.
The second identified sponsor is Moses Zakwa, accused of channeling ₦50 million through Clay Ring Services Limited, a Lagos-based property renovation and management firm where he is listed as a director. Little public information exists on Zakwa; efforts to contact other directors failed, and one listed director, Benjamin Okwumabua, denied any current connection to the company.
The Defence Headquarters announced last month that investigations into the plot are complete and have been forwarded to “the appropriate superior authority.” The military stated the probe identified “several officers with allegations of plotting to overthrow the government,” conduct deemed “inconsistent with the ethics, values, and professional standards required of members of the Armed Forces of Nigeria.”
Around 40 suspects—senior military officers from across the services, a police officer, and civilians—are in detention. They are accused of roles in reconnaissance, funding, propaganda, logistics, and coordination. The suspects were rounded up in a covert operation led by Army Headquarters and the State Security Service (SSS).
Additional civilians remain under investigation by the EFCC and SSS for alleged financing and support roles; some have received bail.
Key figures still at large include retired Major General Adamu and Colonel Alhassan Maaji (service number N/10668), identified as the alleged mastermind. One fugitive suspect was reportedly tracked to a South American country, though exact details remain classified.
The plot allegedly targeted the May 29, 2023, presidential inauguration but was paused due to funding and logistics shortfalls. It was reportedly revived in 2025 after Sylva’s alleged transfers.
Investigators say the conspirators planned to assassinate President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, Speaker Tajudeen Abbas, service chiefs, and the Guards Brigade Commander, while seizing control of the Presidential Villa, Niger Barracks, AFN Complex, and Nnamdi Azikiwe International Airport.
Recovered items include two gun trucks, anti-aircraft guns, PKT guns, RPG bombs, AK-47 rifles, ammunition, tactical gear, four Toyota Hilux trucks, one Toyota Prado SUV, two Toyota saloon cars, and 32 Volkswagen Golf vehicles—allegedly procured for covert operations. All exhibits are held by the Defence Intelligence Agency (DIA), with recovered funds lodged in a Nigerian Army Corps of Military Police account at the Central Bank.
Authorities are awaiting presidential approval to empanel a court-martial for the implicated soldiers, as the probe continues to unravel the full network behind one of Nigeria’s most serious alleged internal security threats in recent years. Source: Premium Times
