By NJORIGE LYNUS

Alleged Coup Financing: Investigators Reveal Detailed Money Trail

FRESH investigative records have provided the clearest picture yet of how military authorities believe funds allegedly linked to former Bayelsa State Governor Timipre Sylva moved through a complex financial network to individuals accused of participating in the failed 2025 coup plot against President Bola Tinubu’s administration.

The newly disclosed documents, now part of ongoing criminal and military proceedings, go beyond identifying alleged financiers. They reconstruct the financial architecture of the conspiracy, showing how investigators say hundreds of millions of naira flowed through corporate accounts, a Bureau de Change operator, serving military officers, retired personnel, civilians and religious figures before the operation collapsed in late September 2025.

Although Mr. Sylva has consistently denied any involvement in the alleged conspiracy and no court has convicted him of the allegations, the documents form a significant part of the prosecution’s case currently before both the Federal High Court and the General Court Martial.

Investigators Trace Alleged Funding Through Corporate Accounts

According to military investigators, the alleged financing structure revolved around Purple Waves Limited, an Abuja-based company involved in construction, land transactions and real estate development.

Investigators alleged that the company became the principal financial channel through which funds intended for the operation were transferred. They claim approximately ₦785 million moved from the company’s account into accounts controlled by Kano-based Bureau de Change operator Abdullahi Sani Mohammed between 20 September and 2 October 2025.

Records examined by investigators indicated that Purple Waves Limited held more than ₦5 billion from multiple sources before disbursements associated with the alleged plot began.

The prosecution alleges that retired and serving conspirators deliberately adopted commercial financial channels to avoid attracting immediate suspicion while distributing operational funds.

BDC Operator Emerges as Central Financial Intermediary

Military investigators describe Abdullahi Sani Mohammed as the principal financial intermediary responsible for executing payment instructions allegedly issued by Army Colonel Mohammed Ma’aji, whom authorities identify as the operational coordinator of the failed plot.

In his extrajudicial statement, Mr. Mohammed explained that he had maintained a longstanding foreign exchange business relationship with Colonel Ma’aji long before the alleged conspiracy.

According to investigators, this pre-existing relationship later evolved into managing large financial transfers whose purpose, the BDC operator claimed, was never disclosed to him.

He stated that Colonel Ma’aji would send payment instructions through WhatsApp voice notes after large deposits arrived in his business accounts.

Investigators say three business entities—A&A Express Link, LUJI Trade & Investment Limited and ASA Multipurpose Concept—were used during the transactions.

How Investigators Say the Money Was Shared

Military records indicate that approximately ₦474.7 million was eventually transferred to dozens of beneficiaries over an eleven-day period between 20 and 30 September 2025.

The payments allegedly covered individuals assigned different operational responsibilities within the conspiracy.

Investigators claim serving military officers received varying amounts depending on their designated assignments.

Some officers allegedly tasked with securing military formations, disrupting aviation operations, taking strategic government facilities or supporting takeover operations reportedly received between ₦1 million and ₦12 million.

The records further indicate that retired military personnel, civilian collaborators, logistics coordinators and private companies also received transfers.

Several payments allegedly went to corporate accounts, suggesting investigators believe some beneficiaries preferred institutional rather than personal accounts.

Among the largest transfers were payments exceeding ₦40 million to certain civilian recipients, while multiple commercial entities reportedly received separate instalments running into tens of millions of naira.

Religious Figures, Businesses & Civilian Actors Featured in Records

Investigators also alleged that some religious figures were incorporated into the broader planning process.

One Islamic cleric, identified in court documents as Imam Goni Bukar, allegedly received approximately ₦50 million in multiple instalments to provide what investigators described as “spiritual support” for the operation.

Other beneficiaries listed include automobile dealers, engineering firms, consultancy businesses, logistics companies and several individuals whose exact operational roles continue to feature in ongoing investigations.

Military investigators maintain that every transfer formed part of a coordinated financial structure supporting logistics, intelligence gathering, mobilisation and operational planning.

Operational Plans Continued After Alleged Leader’s Arrest

One of the more striking aspects of the investigation concerns the continuity of financial transfers after the arrest of Colonel Mohammed Ma’aji.

Authorities arrested him on 29 September 2025, a development that effectively collapsed the alleged conspiracy.

However, investigators say many members of the network were unaware that the alleged operational leader had already been detained.

Consequently, according to prosecution documents, the BDC operator continued executing standing payment instructions on 30 September, while additional deposits from Purple Waves Limited reportedly continued arriving until 2 October.

Investigators say approximately ₦306.6 million remained undisbursed before it was eventually recovered following arrests connected to the investigation.

Agricultural Code Words Allegedly Concealed the Plot

Separate confidential investigative documents indicate that participants allegedly developed an elaborate internal communication system built around agricultural terminology.

Investigators claim the conspirators referred to themselves as “farmers,” while the operation itself became known as “farming.”

Other coded expressions allegedly included “fertilisers” for logistics, “harvest” for the proposed execution date, “digital farming” for operational activities and “technical partners” for religious advisers consulted during preparations.

Authorities believe these coded expressions were intended to frustrate surveillance and conceal discussions from intelligence agencies.

Legal Proceedings Continue Amid Denials

Military authorities allege the planned coup was intended to remove President Bola Tinubu’s government and install military rule.

The operation allegedly targeted several strategic institutions, including the Presidential Villa, military formations, airports and key government facilities.

More than 40 suspects, including serving military personnel, police officers and civilians, have since been arrested.

Thirty-six serving military officers are currently facing trial before a General Court Martial, while six civilians are being prosecuted before the Federal High Court in Abuja.

Former Governor Timipre Sylva has consistently denied involvement in the alleged conspiracy. His legal position remains that he played no role in financing or supporting any coup plot.

Meanwhile, defendants before the Federal High Court have challenged the admissibility of their extrajudicial statements and video recordings, arguing that investigators violated provisions of the Administration of Criminal Justice Act during the investigation.

The prosecution has asked the court to admit the evidence, arguing that the materials remain central to establishing the alleged conspiracy.

As proceedings continue, the emerging financial records have become one of the prosecution’s most significant pieces of evidence, shifting attention from the alleged planning of the failed coup to the intricate financial mechanisms investigators believe sustained it.

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