ABUJA, Nigeria — Security agencies investigating an alleged plot to overthrow President Bola Ahmed Tinubu have traced ₦835 million to two private companies purportedly used to finance the conspiracy, according to findings cited by Premium Times, Feb. 24, 2026. Investigators allege the funds were funneled through construction and property firms as part of efforts to
ABUJA, Nigeria — Security agencies investigating an alleged plot to overthrow President Bola Ahmed Tinubu have traced ₦835 million to two private companies purportedly used to finance the conspiracy, according to findings cited by Premium Times, Feb. 24, 2026. Investigators allege the funds were funneled through construction and property firms as part of efforts to bankroll a failed plan that authorities say targeted key government officials.
Security sources told Premium Times that former Bayelsa State Gov. Timipre Sylva allegedly contributed ₦785 million through Purple Waves Ltd., an Abuja-based construction company. Moses Zakwa was also identified as having allegedly provided ₦50 million through Clay Ring Services Ltd., a Lagos-based property firm.
Sylva, who served as minister of state for petroleum resources under former President Muhammadu Buhari, was described by sources as playing a principal financing role in the alleged plot. He has previously denied any involvement. Efforts to reach him for comment were unsuccessful as of press time.
Purple Waves Ltd., registered in March 2009 for construction and maintenance services, was allegedly used to route the funds. The company’s secretary, John Ebokpo, has reportedly been arrested and remains in detention. A visit to the firm’s listed Abuja office indicated the premises had been closed for four to five months, coinciding with ongoing arrests tied to the investigation. Records from the Corporate Affairs Commission do not list Sylva as a director or shareholder of the company.
Zakwa allegedly transferred ₦50 million through Clay Ring Services Ltd. Little is publicly known about him. Attempts to contact other listed directors of the company were unsuccessful, and one director reportedly denied affiliation with the firm.
Last month, Defence Headquarters announced that investigations into the alleged coup had been concluded and forwarded to the appropriate superior authority. The military said several officers were implicated, describing their actions as inconsistent with the ethics and professional standards of the Armed Forces of Nigeria.
Security sources said about 40 suspects, including senior military officers, a police officer and civilians, are currently detained for alleged roles in reconnaissance, funding and propaganda activities. The covert operation was reportedly coordinated by Army Headquarters and the State Security Service, with civilians also investigated by the Economic and Financial Crimes Commission.
Investigators identified a retired Major Gen. Adamu as a key figure linked to the network. He is reportedly at large alongside Sylva. One fleeing suspect was tracked to a country in South America, though authorities declined to disclose further details.
Sources said the alleged plotters initially planned to disrupt the May 29, 2023, presidential inauguration but suspended the plan due to insufficient funding and logistics. The conspiracy was reportedly reactivated in 2025 following the alleged transfer of funds.
The alleged mastermind, Col. Alhassan Maaji, is accused of coordinating plans for a violent takeover. Security sources said President 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 targeted.
Authorities said some officers were assigned to seize control of the Presidential Villa, Niger Barracks, the Armed Forces Complex and Nnamdi Azikiwe International Airport.
Investigators reportedly recovered two gun trucks, anti-aircraft guns, PKT guns, RPGs, AK-47 rifles, ammunition and tactical gear from Lt. Col. AA Hayatu of the 130 Battalion Main. Security agencies also 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,” a security source said, adding that recovered funds have been lodged into a Nigerian Army Military Police account with the Central Bank of Nigeria.
The investigation remains subject to further official review.
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