Fresh investigation records have alleged that former Bayelsa State Governor and ex-Minister of State for Petroleum Resources, Timipre Sylva, played a key role in raising billions of naira to finance the alleged failed 2025 coup plot against President Bola Tinubu.

The allegations, contained in more than 7,400 pages of prosecution documents reviewed by Premium Times, include bank statements, investigators’ reports, suspects’ statements, private messages and notes allegedly linked to the suspected leader of the plot, Colonel Mohammed Ma’aji. The allegations have not been proven in court, while Sylva has consistently denied any involvement, describing the claims as unfounded.

According to the investigation, Sylva allegedly coordinated the movement of over ₦5 billion through Purple Waves Limited, an Abuja-based construction and real estate company, and authorised the transfer of ₦785 million to support the alleged conspiracy. Investigators claimed the company received ₦5.816 billion from the Niger Delta Development Commission (NDDC) for a coastal protection project, as well as approximately ₦2.9 billion in loans from SunTrust Bank in September 2025.

The report alleged that funds were channelled through Bureau de Change operators to individuals assigned specific roles in the alleged plot on the instructions of Col. Ma’aji. It further claimed that Purple Waves’ directors, identified as Inowei Ingoikputu and Abang Ogar, were associates of Sylva, while several Abuja properties allegedly linked to the former minister were used as collateral for the loans.

Investigators also alleged that the planned coup collapsed following the arrest of Col. Ma’aji on September 29, 2025. According to the records, SunTrust Bank subsequently placed a Post-No-Debit restriction on a Purple Waves account containing about ₦4.3 billion, while another account reportedly held ₦2.9 billion.

The report described the transactions as a case in which “legitimate funds were used to sponsor illegitimate activities” and said several possible dates, including September 27, October 1 and October 4, 2025, had been considered for the alleged coup before it was disrupted. However, Sylva has rejected the allegations, insisting he neither financed nor participated in any effort to overthrow the government.