Military investigators leading the probe into an alleged coup plot against President Bola Tinubu have enlisted the Economic and Financial Crimes Commission (EFCC) and Nigeria Financial Intelligence Unit (NFIU) to dissect suspicious financial flows, sources confirmed to The PUNCH on Thursday.
The collaboration focuses on forensic audits of bank accounts tied to the 18 detained suspects—16 military officers and two civilians—amid reports of frozen assets and a staggering N45 billion diversion from the Niger Delta Development Commission (NDDC) allegedly funnelled to plot backers.
The widened inquiry now scrutinises transaction histories, fund origins, and links to suspects’ associates and business partners, with security officials describing account freezes as routine in high-stakes cases.
A top source privy to the investigation revealed: “This is discreet intelligence work. Until concluded, we can’t disclose lists, amounts deployed, or recoveries—but the EFCC and NFIU are key to tracing the money trail.” Neither agency’s spokespersons responded to requests for comment.
The scandal erupted after Sahara Reporters alleged 16 Army officers were arrested for plotting to derail Nigeria’s 65th Independence celebrations, a claim denied by Defence Headquarters spokesman Brig. Gen. Tukur Gusau as mere “disciplinary issues.”
Yet, the probe has ensnared high-profile figures, including a raid on former Bayelsa Governor Timipre Sylva’s Abuja home, where his brother and driver were detained.
Sylva, abroad at the time, denied involvement via spokesman Chief Julius Bokoru, blaming political rivals.
Among the named officers is Brig. Gen. Musa Abubakar Sadiq, leading a group dominated by Infantry Corps members, plus specialists from Signals and Ordnance units.
Premium Times reported 12 of 14 Army suspects hail from frontline combat roles. Alarmingly, The Cable exposed Squadron Leader S.B. Adamu—recently posted to the National Counter-Terrorism Centre under the Office of the National Security Adviser—as allegedly tasked with assassinating NSA Nuhu Ribadu, hinting at deep institutional infiltration.
As the Defence Intelligence Agency prepares a full report for President Tinubu, analysts warn the unfolding financial web could expose broader networks threatening Nigeria’s fragile democracy.