Investigation Alleges Timipre Sylva Linked to Funding of Failed 2025 Coup Plot

Fresh investigation documents have alleged that former Bayelsa State Governor and ex-Minister of State for Petroleum Resources, Timipre Sylva, played a role in raising billions of naira to finance the failed 2025 alleged coup plot against President Bola Tinubu.

The allegations are contained in more than 7,400 pages of investigation records reportedly compiled for the prosecution of military officers and civilians accused of participating in the alleged plot.

According to the documents, the evidence includes bank statements, suspects’ statements, private messages, investigative reports, and handwritten notes allegedly linked to the suspected mastermind, Colonel Mohammed Ma’aji.

It should be noted that the allegations have not been proven in court. Sylva has consistently denied any involvement, dismissing previous reports connecting him to the alleged coup as baseless.

The report further alleged that Sylva approved the transfer of ₦785 million while attempting to avoid direct public association with the alleged operation.

According to investigators, the funds were routed through Purple Waves Limited, an Abuja-based company involved in construction, real estate, and land transactions.

The report claimed that the company later transferred money to several Bureau de Change (BDC) operators, who allegedly distributed the funds to individuals assigned specific roles in the planned operation based on Ma’aji’s instructions.

Authorities said the alleged coup plot eventually collapsed following the arrest of Colonel Ma’aji on September 29, 2025.

Investigation records showed that Purple Waves Limited was incorporated on March 3, 2009, with Inowei Ingoikputu and Abang Ogar listed as directors. Investigators described both men as associates of Sylva.

The report also alleged that some Abuja properties used as collateral for loans obtained by the company belonged either to Sylva or individuals closely linked to him.

According to investigators, Sylva allegedly instructed the company’s directors on July 23, 2025, to open an account with SunTrust Bank for the purpose of receiving and disbursing funds connected to the alleged plot.

Following the account opening, Ingoikputu, Isaac Ekpoki, and John Ifeanyi Ebokpo were appointed as signatories.

Alleged NDDC Payments And Bank Loans

Investigators identified a payment of ₦5.816 billion allegedly made by the Niger Delta Development Commission (NDDC) to Purple Waves Limited for a coastal protection project as the largest inflow into the account.

The project was described as the Niger Delta Emergency Coastal Protection Phase One, involving shoreline protection and land reclamation.

However, the report did not disclose when the contract was awarded, its total value, the level of work completed, or whether the payment represented the full contract amount. It also did not indicate whether the NDDC had been contacted to verify the transaction or the status of the project.

Despite this, investigators alleged that the account was established and funded as part of arrangements coordinated by Sylva and Ma’aji to finance the alleged coup.

The report also alleged that Purple Waves secured loans worth about ₦2.9 billion from SunTrust Bank in September 2025.

According to investigators, the loans were credited to the company’s account on September 17, while another ₦1.2 billion loan was also paid into the same account on the same day.

The following day, Yobygo Nigeria Limited allegedly transferred an additional ₦1.07 billion, with investigators claiming the company served as another funding channel for Purple Waves.

Three Abuja properties—Houses 8A and 8B on Thaba Tseka Street, Wuse 2, and Plot 4577 in Guzape District—were reportedly used as collateral for a ₦2.4 billion facility. Investigators estimated the combined market value of the properties at about ₦10.9 billion and claimed they were likely linked to Sylva or one of his associates.

Movement Of Funds

Investigators said they traced transactions exceeding ₦8.2 billion through Purple Waves’ accounts, excluding separate foreign exchange dealings handled through Bureau de Change operators.

The report alleged that most of the funds entered the accounts as either loans or payments connected to the NDDC coastal protection contract.

Authorities further claimed that Purple Waves had a balance of approximately ₦5.18 billion before management allegedly began disbursing funds on Sylva’s instructions.

According to the report, a total of ₦785 million was transferred at different times to Colonel Ma’aji through companies linked to a Bureau de Change operator identified as Sani Abdullahi.

The companies named were Express Link, ASA Multipurpose Concept, and Luji Trade and Investment Limited.

Investigators alleged that invoices presented to SunTrust Bank described the transfers as payments for fuel supplies, dredger rentals, marine spare parts, equipment operators, and site-clearing services related to the NDDC project.

However, the Bureau de Change operator reportedly denied having any knowledge of the invoices.

The report also alleged that a SunTrust Bank relationship manager admitted he had never met the account signatories despite the bank approving a ₦2.4 billion facility for the company.

Investigators concluded that the transactions represented what they described as the use of legitimate funds to finance alleged illegal activities.

Alleged Coup Dates And Ongoing Cases

According to the investigation, several dates—including September 27, October 1, and October 4, 2025—were considered for the alleged coup before Ma’aji’s arrest halted the plan.

Authorities subsequently arrested several military officers, a police officer, clerics, and civilians accused of participating in the alleged conspiracy or failing to report it.

As of October 20, 2025, investigators said Purple Waves’ current account held about ₦4.3 billion, while another account linked to an advance payment guarantee contained approximately ₦2.9 billion.

The report stated that SunTrust Bank was instructed to place a Post-No-Debit restriction on the account containing ₦4.3 billion, although it did not clarify whether any action was taken regarding the second account.

Investigators also directed the Bureau de Change operator to transfer an unspent balance of ₦306.6 million to the account of the Nigerian Army Corps of Military Police.

Sylva, who investigators reportedly believe is outside Nigeria, has repeatedly denied any involvement in the alleged coup plot, describing the claims as false rumours and insisting he never financed any attempt to overthrow the government.

Meanwhile, five individuals said to be his associates are reportedly facing charges in Abuja over allegations that they concealed information about his whereabouts.

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