Fresh details from confidential investigation records have revealed how former Bayelsa State Governor and ex-Minister of State for Petroleum Resources, Timipre Sylva, allegedly mobilised billions of naira to finance the failed 2025 coup plot against President Bola Tinubu’s administration.
The revelations are contained in more than 7,400 pages of investigative documents reviewed by PREMIUM TIMES. The files include suspects’ statements, bank records, text messages, investigators’ reports and handwritten notes allegedly belonging to the suspected coup leader.
According to investigators, Mr Sylva worked with close associates to assemble more than N5 billion for the planned operation. Although he allegedly insisted that his name should not be directly linked to the plot, investigators claimed he later authorised the release of N785 million to support its execution.
The funds were allegedly channelled through Purple Waves Limited, an Abuja-based real estate and construction company. Investigators said the company served as the financial vehicle through which money was transferred to bureau de change (BDC) operators before being distributed to individuals assigned various roles in the alleged coup.
The investigation identified Army Colonel Mohammed Ma’aji as the alleged mastermind of the plot. He was arrested on September 29, 2025, an event that effectively ended the planned takeover before it could be executed.
How investigators say the funds were raised
Investigators traced the money in Purple Waves Limited’s accounts to two major sources.
The first was an alleged N5.8 billion payment from the Niger Delta Development Commission (NDDC), reportedly linked to a coastal protection and land reclamation contract known as the Niger Delta Emergency Coastal Protection – Phase One project.
The report, however, did not provide details about when the contract was awarded, its total value, the stage of execution or whether the N5.8 billion represented full or partial payment. It also did not indicate whether investigators sought clarification from the NDDC over the transaction.
The second source was a series of loans, including a N2.9 billion facility from SunTrust Bank and additional funding of N1.2 billion from the same bank, alongside N1.07 billion transferred by Yobygo Nigeria Limited, which investigators alleged was used to facilitate additional disbursements on behalf of Purple Waves.
According to the report, the N2.9 billion loan was credited to Purple Waves’ account on September 17, 2025, from the company’s Advance Payment Guarantee (APG) account, suggesting it was linked to contract financing.
Company linked to Sylva
Corporate Affairs Commission records showed Purple Waves Limited was incorporated in March 2009, with Inowei Ingoikputu and Abang Ogar, described by investigators as associates of Mr Sylva, listed as directors.
Investigators alleged that Mr Sylva instructed the directors on July 23, 2025, to open a new SunTrust Bank account specifically to receive and disburse funds intended for the alleged coup.
The company’s board subsequently appointed Inowei Ingoikputu, Isaac Ekpoki and John Ifeanyi Ebokpo as signatories to the account.
The investigation also alleged that three Abuja properties used as collateral for a N2.4 billion loan obtained by Purple Waves were linked to Mr Sylva or one of his associates. The properties, located in Wuse 2 and Guzape, were valued at about N10.9 billion.
Investigators noted that one of the locations corresponds with a property already placed under interim forfeiture by the Federal High Court earlier this year in a separate case involving Mr Sylva.
Alleged movement of funds
Investigators said more than N8.2 billion flowed into Purple Waves’ accounts through contract proceeds and loan facilities.
According to the report, once the account balance reached approximately N5.2 billion, Mr Sylva allegedly instructed the company’s management to begin releasing funds.
The report alleged that N785 million was subsequently transferred through bureau de change businesses owned by Sani Abdullahi to Colonel Ma’aji for the execution of the planned operation.
To justify the transfers, investigators claimed Purple Waves submitted invoices to SunTrust Bank indicating the payments were for subcontracting services connected to the NDDC project, including dredger rentals, marine equipment operations, fuel supply and site clearing.
However, investigators said the BDC operator later denied any knowledge of the invoices, while the bank’s relationship manager reportedly told investigators he had never met any of the company’s account signatories despite billions of naira being disbursed to the firm.
The report described the transactions as “a case where legitimate funds were used to sponsor illegitimate activities.”
Funds frozen after plot collapsed
Following Colonel Ma’aji’s arrest, investigators said they discovered substantial sums still sitting in accounts linked to the alleged conspiracy.
As of October 20, 2025, Purple Waves’ current account reportedly held N4.3 billion, while its APG account contained another N2.9 billion, which investigators believed was intended for the final execution of the alleged coup.
The report stated that authorities directed SunTrust Bank to immediately place a Post-No-Debit (PND) restriction on the company’s current account to prevent further transactions.
Investigators also ordered a bureau de change operator to remit an undisbursed balance of N306.6 million to the Nigerian Army Corps of Military Police.
Mr Sylva has consistently denied any involvement in the alleged coup. Following reports of the investigation last October, he dismissed the allegations as false and described the purported plot as mere rumour. According to investigators, he is believed to be outside Nigeria, while five of his associates are currently facing charges in Abuja over allegations of concealing his whereabouts.
The allegations remain before the courts, with several suspects facing prosecution at the Federal High Court in Abuja and the General Court Martial.