Fresh investigation records reviewed by Premium Times have allegedly linked former Bayelsa State governor and ex-Minister of State for Petroleum Resources, Timipre Sylva, to a network accused of mobilising billions of naira for the failed 2025 plot to overthrow President Bola Tinubu.
According to Premium Times, the allegations are contained in more than 7,400 pages of investigative materials prepared for the prosecution of military officers and civilians accused of participating in the alleged coup. The documents reportedly include bank statements, suspects’ confessional statements, private messages, investigative reports and handwritten notes attributed to the alleged ringleader, Col. Mohammed Ma’aji.
It is important to note that the allegations have not been proven in court, and Sylva has consistently denied any involvement.
Alleged Funding Structure
The report reviewed by Premium Times claimed that Sylva and several associates allegedly pooled over ₦5 billion into an account investigators believe was intended to finance the planned overthrow of the government.
Investigators were quoted as alleging that Sylva sought to avoid direct public association with the plot but nevertheless authorised the transfer of ₦785 million for its execution.
According to Premium Times, the funds were allegedly routed through Purple Waves Limited, an Abuja-based company involved in construction, real estate and land transactions.
The investigation reportedly stated:
“The opening of the account and transfer of ₦5.816bn into it were coordinated by Sylva and Ma’aji for the execution of the planned coup.”
The report further alleged that Purple Waves transferred funds to Bureau de Change (BDC) operators, who later disbursed money to individuals assigned specific roles in the alleged conspiracy on Ma’aji’s instructions.
Company Records and NDDC Payment
Corporate Affairs Commission records cited by Premium Times showed that Purple Waves Limited was incorporated on March 3, 2009, with Inowei Ingoikputu and Abang Ogar listed as directors. Investigators reportedly described both men as associates of Sylva.
The investigation also alleged that some Abuja properties used as collateral for loans obtained by the company belonged to Sylva or persons close to him.
One of the largest transactions identified by investigators was a ₦5.8 billion payment allegedly made by the Niger Delta Development Commission (NDDC) to Purple Waves for a coastal protection project known as Niger Delta Emergency Coastal Protection, Phase One.
However, Premium Times noted that the report did not state when the contract was awarded, its total value, the level of execution, or whether the payment represented the full contract sum. The newspaper also reported that the documents did not indicate whether the NDDC had been contacted to verify the payment or the status of the project.
Loans and Property Collateral
Investigators further alleged that Purple Waves obtained about ₦2.9 billion in loans from SunTrust Bank in September 2025, while another ₦1.2 billion facility was credited to the same account on the same day.
In addition, Yobygo Nigeria Limited reportedly transferred ₦1.07 billion to the account on September 18, 2025.
According to the report, three Abuja properties with an estimated market value of ₦10.9 billion were pledged as collateral for a ₦2.4 billion loan. The properties were identified as Houses 8A and 8B on Thaba Tseka Street, Wuse 2, and Plot 4577 in Guzape District.
Investigators reportedly stated that it was “most likely” that the properties were linked to Sylva or one of his associates.
Traced Transactions and Alleged Disbursements
The report claimed that investigators traced transactions exceeding ₦8.2 billion through Purple Waves accounts, excluding foreign exchange dealings involving BDC operators.
According to Premium Times, investigators alleged that a total of ₦785 million was transferred on different dates to Ma’aji through companies linked to a BDC operator, Sani Abdullahi.
The companies were identified as Express Link, ASA Multipurpose Concept and Luji Trade and Investment Limited.
Investigators also alleged that invoices submitted to SunTrust Bank described the transfers as payments for fuel, equipment operators, marine spare parts, dredger rental and site-clearing work connected to the NDDC project.
The BDC operator reportedly denied knowledge of the invoices.
Bank Officials and Investigators’ Conclusion
The report further claimed that a SunTrust Bank relationship manager told investigators he had never met the signatories to the Purple Waves account, despite the bank disbursing ₦2.4 billion to the company.
Investigators reportedly concluded that the transactions represented a situation in which:
“Legitimate funds were used to sponsor illegitimate activities.”
The alleged plot was said to have considered several possible dates, including September 27, October 1 and October 4, 2025, before collapsing following Ma’aji’s arrest on September 29, 2025.
Sylva Denies Allegations
Responding to the allegations when they first surfaced in October 2025, Sylva denied any connection to a coup plot.
He dismissed the claims as “rumours” and rejected suggestions that he financed any attempt to overthrow the Tinubu administration.
Meanwhile, five of his associates are reportedly facing charges in Abuja over allegations that they concealed information about his whereabouts, according to earlier court proceedings referenced by Premium Times.
As of October 20, 2025, the investigation reportedly found that the Purple Waves current account held about ₦4.3 billion, while another account linked to an advance payment guarantee contained ₦2.9 billion. Investigators were said to have directed SunTrust Bank to place a Post-No-Debit restriction on the account containing ₦4.3 billion.
The allegations remain the subject of ongoing criminal proceedings, and no court has convicted Sylva or any other accused person in connection with the alleged coup plot.
