Allegations Emerge: How Timipre Sylva Was Accused Of Using NDDC, Bank Loans To Fund Failed 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 alleged failed 2025 plot to overthrow President Bola Tinubu’s administration.

According to a report by Premium Times, the claims are contained in more than 7,400 pages of investigative materials compiled by prosecutors handling the case against military personnel and civilians accused of involvement in the alleged coup.

The records reportedly include bank statements, witness and suspect statements, private communications, investigative reports and handwritten notes said to belong to the alleged mastermind, Col. Mohammed Ma’aji.

The allegations have not been proven in court, and Sylva has consistently denied any involvement, describing previous reports linking him to the alleged plot as false and baseless.

Investigators claimed that more than ₦5 billion was assembled in accounts allegedly designated to fund the operation, with Sylva said to have authorised the transfer of ₦785 million while attempting to avoid being directly linked to the transactions.

The report alleged that the funds passed through Purple Waves Limited, an Abuja-based company involved in construction, real estate and land transactions. Investigators further claimed that money was subsequently transferred to Bureau de Change operators, who allegedly distributed cash to individuals assigned specific roles in the alleged conspiracy on Ma’aji’s instructions.

Authorities believe the alleged plot collapsed following Ma’aji’s arrest on September 29, 2025.

Corporate Affairs Commission records cited in the investigation reportedly identify Inowei Ingoikputu and Abang Ogar as directors of Purple Waves Limited, both of whom investigators described as associates of Sylva.

The report also alleged that some Abuja properties used as collateral to obtain loans for the company were linked either to Sylva or individuals close to him.

Investigators claimed Sylva instructed the company’s directors in July 2025 to open a SunTrust Bank account through which funds linked to the alleged operation would be received and disbursed. The account was subsequently managed by designated company signatories.

According to the report, Purple Waves later received ₦5.816 billion from the Niger Delta Development Commission (NDDC) for a coastal protection project. However, investigators did not state when the contract was awarded, its total value, the level of work completed or whether the payment represented the full contract sum. The report also did not indicate whether the NDDC had been contacted to verify the transaction or provide details of the project.

Prosecutors nevertheless alleged that the account and the NDDC payment were used as part of the funding structure for the alleged coup.

The investigation further claimed that Purple Waves obtained loans of about ₦2.9 billion from SunTrust Bank in September 2025. Additional funds, including another ₦1.2 billion loan and a ₦1.07 billion transfer from Yobygo Nigeria Limited, were also said to have entered the company’s accounts during the same period.

Investigators alleged that three Abuja properties valued at about ₦10.9 billion were pledged as collateral for one of the loans and suggested the assets were likely connected to Sylva or one of his associates.

According to the report, more than ₦8.2 billion flowed through Purple Waves’ accounts, excluding foreign exchange transactions involving Bureau de Change operators.

Authorities alleged that after the funds were received, ₦785 million was transferred on different occasions to Col. Ma’aji through companies linked to Bureau de Change operator Sani Abdullahi. The firms named in the report include Express Link, ASA Multipurpose Concept and Luji Trade and Investment Limited.

Investigators further alleged that invoices presented to SunTrust Bank described the transfers as payments for fuel, marine equipment, dredger rentals, site clearing and other expenses connected to the NDDC coastal protection project. However, the Bureau de Change operator reportedly denied any knowledge of the invoices.

The report also claimed that a SunTrust Bank relationship manager told investigators he had never met the signatories to the Purple Waves account despite the bank approving loans running into billions of naira.

Investigators described the financial transactions as an instance where “legitimate funds were used to sponsor illegitimate activities.”

According to the documents, several tentative dates—including September 27, October 1 and October 4, 2025—were allegedly considered for carrying out the operation before Ma’aji’s arrest disrupted the plan.

The investigation later expanded to include military officers, a police officer, clerics and civilians accused of either participating in the alleged conspiracy or failing to report it.

As of October 20, 2025, investigators said Purple Waves’ current account held approximately ₦4.3 billion, while another account connected to an advance payment guarantee contained about ₦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. It also alleged that a Bureau de Change operator was directed to transfer an unspent ₦306.6 million to the Nigerian Army Corps of Military Police.

Sylva, who investigators believe is currently outside Nigeria, has repeatedly denied any connection to the alleged coup plot, insisting the claims are unfounded and rejecting suggestions that he financed efforts to overthrow the government.

The report added that five of his associates are currently facing charges in Abuja over allegations that they withheld information about his whereabouts.