Security agencies have traced ₦835 million to two private companies allegedly used to finance a failed plot to overthrow President Bola Ahmed Tinubu, according to security and intelligence sources familiar with the investigation.
The funds were allegedly channelled through an Abuja-based construction firm, Purple Waves Limited, and a Lagos-based property company, Clay Ring Services Limited, as part of what investigators described as a coordinated attempt to destabilise the government.
Sources told Premium Times that former Bayelsa State Governor, Timipre Sylva, allegedly contributed ₦785 million through Purple Waves Limited. Another suspect, identified as Moses Zakwa, is said to have routed ₦50 million through Clay Ring Services Limited.
A senior security source, who requested anonymity due to the sensitivity of the matter, said, “The financial trail clearly indicates that ₦835 million was injected into the operation through corporate entities. ₦785 million was traced to Purple Waves Limited, while ₦50 million came through Clay Ring Services Limited.”
The source added, “Investigators believe the funds were meant to procure logistics, equipment, and coordinate reconnaissance activities tied to the conspiracy.”
Sylva, who served as Minister of State for Petroleum Resources under former President Muhammadu Buhari, has previously denied any involvement in the alleged coup. Efforts to reach him for comment were unsuccessful as of press time.
Purple Waves Limited, reportedly registered in March 2009 for construction and maintenance services, has come under scrutiny as investigators examine its role in the alleged financing network. The company’s secretary, John Ebokpo, has reportedly been arrested and remains in detention.
A visit to the firm’s listed Abuja office showed the premises had been shut for about four to five months, coinciding with ongoing arrests linked to the probe. However, checks at the Corporate Affairs Commission did not list Sylva as a director or shareholder of the company.
Security operatives also identified Moses Zakwa as an alleged sponsor who channelled ₦50 million through Clay Ring Services Limited. Little is publicly known about Zakwa. Attempts to contact other listed directors of the company were unsuccessful, while one listed director reportedly denied any affiliation with the firm.
Last month, the Defence Headquarters announced that investigations into the alleged coup had been concluded and forwarded to the appropriate superior authority.
A military official said, “The investigation has been finalised and the findings submitted. Several officers were found to have acted in ways inconsistent with the ethics and professional standards of the Armed Forces of Nigeria.”
Security sources disclosed that about 40 suspects are currently in detention, including senior military officers, a police officer, and civilians allegedly involved in reconnaissance, funding, and propaganda operations.
The covert operation was reportedly coordinated by Army Headquarters and the State Security Service, with some civilian aspects of the investigation handled by the Economic and Financial Crimes Commission.
Investigators identified a retired Major General Adamu as a key figure linked to the network. He is reportedly at large, alongside Sylva. Intelligence sources also revealed that one fleeing suspect was tracked to a country in South America, though authorities declined to provide further details.
According to security briefings, the alleged plotters initially planned to disrupt the May 29, 2023 presidential inauguration but suspended the operation due to inadequate funding and logistical constraints. The conspiracy was reportedly revived in 2025 following the alleged transfer of funds.
The alleged mastermind, Colonel Alhassan Maaji, is said to have coordinated plans for a violent takeover targeting senior government officials and critical national infrastructure.
Security sources claimed that President Bola Ahmed Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, Speaker Tajudeen Abbas, service chiefs, and the Commander of the Guards Brigade were among those allegedly marked as targets.
Some officers were allegedly assigned to seize control of the Presidential Villa, Niger Barracks, the Armed Forces Complex, and the Nnamdi Azikiwe International Airport.
Investigators reportedly recovered two gun trucks, anti-aircraft guns, PKT machine guns, RPG bombs, AK-47 rifles, ammunition, and tactical gear from one Lieutenant Colonel AA Hayatu of the 130 Battalion Main.
In addition, security agencies seized four Toyota Hilux trucks, one Toyota Prado SUV, two Toyota saloon cars, and 32 Volkswagen Golf vehicles allegedly procured for covert operations.
“All recovered exhibits are in custody,” another security source said. “The funds recovered so far have been lodged into a Nigerian Army Military Police account domiciled with the Central Bank of Nigeria.”
Authorities have not announced formal charges against the principal suspects as of press time.
