Security agencies investigating the alleged plot to overthrow President Bola Tinubu have identified two individuals accused of funnelling N835 million through private companies to finance the conspiracy, according to reports.
Former Bayelsa State Governor Timipre Sylva is alleged to have contributed N785 million, the larger share of the funds. Investigators said the money was transferred through Purple Waves Limited, an Abuja-based construction firm. The company’s secretary, John Ebokpo, has been arrested and remains in detention.
Mr Sylva, who also served as Minister of State for Petroleum Resources under former President Muhammadu Buhari, is described by investigators as the principal financier of the alleged failed plot. He is said to be at large and has denied any involvement in the coup allegations.
Company records at the Corporate Affairs Commission do not list Mr Sylva as a director or shareholder of Purple Waves Limited, which was registered in March 2009 for construction, building and maintenance services. Efforts to reach Mr Sylva and his spokesperson were unsuccessful, while calls to other listed directors of the company did not connect. A visit to the company’s Abuja office reportedly revealed that it had been shut for several months, coinciding with arrests linked to the investigation.
The second individual identified is Moses Zakwa, who is accused of contributing N50 million through Clay Ring Services Limited, a Lagos-based property renovation and development company where he is listed as a director. Little public information is available about Mr Zakwa. Attempts to contact other directors of the company were unsuccessful, while one listed director reportedly denied any connection to the firm.
Last month, the Defence Headquarters announced that investigations into the alleged coup had been completed and forwarded to the “appropriate superior authority in line with extant regulations.” The military said the findings identified “several officers with allegations of plotting to overthrow the government,” describing such actions as “inconsistent with the ethics, values, and professional standards required of members of the Armed Forces of Nigeria.”
According to reports, 40 suspects are currently detained, including senior military officers, a police officer and several civilians alleged to have played roles in reconnaissance, funding and propaganda. The arrests were said to have followed a covert intelligence operation coordinated by the Army Headquarters and the State Security Service.
Some civilians remain in custody and are being investigated by the Economic and Financial Crimes Commission and the State Security Service for alleged roles in financing, logistics and coordination, while others have reportedly been granted bail.
The investigation also identified a retired major general, Adamu, as a key figure linked to the network. He is said to be at large alongside Mr Sylva. Intelligence sources disclosed that one fleeing suspect was tracked to a country in South America, although his precise location has not been made public.
According to reports, the alleged plotters initially planned to disrupt the handover of power from Mr Buhari to President Tinubu on 29 May 2023 but suspended the plan due to inadequate funding and logistics. The conspiracy was allegedly revived in 2025 after funds were transferred.
Sources said authorities are awaiting presidential approval to constitute a court-martial panel for the military personnel implicated. The alleged plot was reportedly masterminded by Colonel Alhassan Maaji, identified by service number N/10668, who, along with other officers, is accused of planning a violent takeover targeting senior government officials.
Investigators have reportedly recovered gun trucks, anti-aircraft weapons, PKT guns, RPG bombs, AK-47 rifles, ammunition and tactical gear, as well as multiple vehicles allegedly procured for covert operations. “All recovered exhibits are in the custody of the DIA,” one source was quoted as saying, adding that “recovered funds have been lodged into the Nigerian Army Corps of Military Police account domiciled with the Central Bank of Nigeria.”
