Fresh investigation records have alleged that former Bayelsa State governor and ex-Minister of State for Petroleum Resources, Timipre Sylva, helped raise billions of naira for the failed 2025 plot to overthrow President Bola Tinubu.
The claims are contained in more than 7,400 pages of investigation documents assembled for the prosecution of military officers and civilians accused of participating in the alleged coup, Premium Times reported.
The records reviewed include bank statements, suspects’ statements, private messages, investigative reports and notes allegedly belonging to the suspected leader of the plot, Col. Mohammed Ma’aji.
The allegations against Sylva have not been proved in court. The former minister has denied involvement, describing reports linking him to the plot as unfounded.
According to the investigation report, Sylva and his associates allegedly pooled more than ₦5bn in an account intended to finance the planned overthrow. While seeking to avoid public association with the plot, he allegedly authorised the transfer of ₦785m for its execution.
The money was allegedly channelled through Purple Waves Limited, an Abuja-based construction and real estate firm, which investigators say moved funds to Bureau de Change operators who then disbursed cash to persons assigned roles in the alleged conspiracy on Ma’aji’s instructions. The plot reportedly collapsed following Ma’aji’s arrest on September 29, 2025.
Corporate Affairs Commission records cited in the report show Purple Waves was incorporated on March 3, 2009, with Inowei Ingoikputu and Abang Ogar listed as directors — both described by investigators as Sylva’s associates. Some Abuja properties used as loan collateral by the company allegedly belonged to Sylva or persons close to him.
Investigators claim Sylva asked the company’s directors on July 23, 2025, to open a SunTrust Bank account to receive and disburse funds for what the report described as “the planned coup.” Ingoikputu, Isaac Ekpoki and John Ifeanyi Ebokpo were appointed as signatories.
The largest single inflow was ₦5.8bn allegedly paid by the Niger Delta Development Commission to Purple Waves for a coastal protection project — the Niger Delta Emergency Coastal Protection, Phase One. The report does not state when the contract was awarded, its total value, its level of execution, or whether the payment covered the entire contract sum. It also does not indicate whether the NDDC was contacted to verify the payment or the project’s status.
Investigators nonetheless allege the account’s opening and the transfer of ₦5.816bn were coordinated by Sylva and Ma’aji for the coup’s execution.
The report further claims Purple Waves obtained about ₦2.9bn in loans from SunTrust Bank in September 2025 — funds credited on September 17 and partly used to finance activities connected with the plot. Another ₦1.2bn loan was reportedly credited the same day, while Yobygo Nigeria Limited transferred an additional ₦1.07bn on September 18, allegedly to facilitate further funding on Purple Waves’ behalf.
Three Abuja properties valued at about ₦10.9bn — Houses 8A and 8B on Thaba Tseka Street, Wuse 2, and Plot 4577 in Guzape District — were allegedly pledged as collateral for a ₦2.4bn loan. Investigators said it was “most likely” the properties were linked to Sylva or an associate.
Investigators say they traced transactions exceeding ₦8.2bn through the Purple Waves accounts, aside from foreign exchange dealings involving BDC operators, alleging the money entered as loans or payments tied to the NDDC project.
Purple Waves reportedly had a balance of about ₦5.18bn when management allegedly began disbursing funds on Sylva’s instruction. A total of ₦785m was transferred on different dates to Ma’aji through companies linked to BDC operator Sani Abdullahi — Express Link, ASA Multipurpose Concept, and Luji Trade and Investment Limited.
Investigators allege invoices submitted to SunTrust Bank portrayed the transfers as payments for fuel, equipment operators, marine spare parts, dredger rental and site-clearing work tied to the NDDC project. The BDC operator has reportedly denied knowledge of the invoices. A SunTrust relationship manager also reportedly said he never met the account’s signatories despite the bank disbursing ₦2.4bn to the company. Investigators described the transactions as a case in which “legitimate funds were used to sponsor illegitimate activities.”
The report says several dates were considered for the alleged coup, including September 27, October 1 and October 4, 2025, but no final date was chosen before Ma’aji’s arrest. Military officers, a police officer, clerics and civilians suspected of participating in or concealing the plot were subsequently arrested.
As of October 20, 2025, the Purple Waves current account reportedly held ₦4.3bn, while a separate account tied to an advance payment guarantee held ₦2.9bn. SunTrust Bank was directed to place a Post-No-Debit restriction on the ₦4.3bn account; no action was specified for the other. The BDC operator was also directed to transfer an unspent ₦306.6m to the account of the Nigerian Army Corps of Military Police.
Sylva, believed by investigators to be outside Nigeria, denied involvement when the claims first emerged in October 2025, describing them as rumours. Five of his associates are reportedly facing charges in Abuja over allegations that they concealed information about his whereabouuts.
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