Nigeria: Exclusive - How Former Governor Sylva Allegedly Raised Money for Bankrolling Coup

What the report says

Premium Times, in a report carried by AllAfrica, says investigators reviewing confidential files on last year’s failed coup against President Bola Tinubu’s government believe former Bayelsa State governor Timipre Sylva helped channel money into the alleged plot. The article says the material includes statements, bank records and other case documents tied to suspects now facing proceedings in Abuja, including at a general court martial and the Federal High Court.

According to the report, investigators traced alleged funding through Purple Waves Limited, an Abuja-based company linked to Sylva’s associates. The company was reportedly used as an intermediary account into which large sums entered before being moved onward through a bureau de change. The story says investigators believe one major source was money associated with an NDDC contract, while another source involved bank loans and third-party transfers. The article says Sylva allegedly asked associates to open the account in July 2025 to receive and pay funds connected to the planned coup.

The report cites one transfer of about N5.8 billion into the company’s account and says another N2.9 billion loan later helped finance the alleged activities, alongside additional credits of N1.2 billion and N1.07 billion. It also says investigators identified properties in Abuja as collateral for some of the borrowing. The article does not provide a full accounting of the contract or confirm the allegations independently. If accurate, the claims would point to a major financial trail behind a plot that prosecutors and investigators are still examining.