In a deepening investigation into an alleged coup plot against President Bola Tinubu’s administration, the Nigerian military has uncovered a suspicious financial trail involving over ₦45 billion disbursed from the Niger Delta Development Commission (NDDC).
The Defence Intelligence Agency (DIA), leading the probe, has linked these funds to politically exposed persons and detained soldiers suspected of orchestrating the conspiracy. Security sources revealed that the discovery has intensified scrutiny on high-level transactions within the commission, raising fears of widespread financial misconduct.
The probe gained momentum following the detention of 16 Nigerian Army officers earlier this month, initially tied to a routine exercise but now connected to subversive activities.
Investigators, working with the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC), traced the funds to a ₦54 billion shoreline protection contract awarded under a previous administration.
A portion, estimated at ₦20 billion in mobilization fees, was allegedly diverted to support the plot, with transfers reaching accounts linked to the suspects.
At the center of the storm is former Bayelsa State Governor and ex-Minister of State for Petroleum, Timipre Sylva, whose Abuja residence was raided by Army personnel last Saturday. Although Sylva was abroad at the time, his younger brother and a driver were arrested during the operation.
Sylva’s camp has vehemently denied any involvement, labeling the allegations as politically motivated attempts to tarnish his reputation amid ongoing rivalries in the Niger Delta.
Compounding the tension, NDDC Managing Director Dr. Samuel Ogbuku was arrested by DIA operatives on Wednesday and is currently under interrogation. Sources claim Ogbuku allegedly authorized illicit transfers from the shoreline project, co-sponsoring the coup through these channels.
NDDC spokesperson Seledi Thompson-Wakama has declined comment, citing directives to maintain silence, while insiders describe an atmosphere of panic at the commission’s headquarters as executives brace for further summons.
The military’s inquiry extends beyond the NDDC, forming part of a broader intelligence operation to track unusual public fund movements.
Senior security officials confirmed that interrogations of top NDDC executives focus on the origins, beneficiaries, and utilization of the ₦45 billion, with fears that the probe could expose a network of corruption involving contractors and politicians from both southern and northern Nigeria.
The Federal Government has reiterated its commitment to democratic stability, dismissing coup rumors while vowing thorough accountability.
As the investigation concludes, findings are set to be submitted to President Tinubu, potentially leading to a General Court Martial and public disclosure of involved parties.
This scandal underscores persistent challenges in Nigeria’s public sector, where development funds meant for regional upliftment are allegedly siphoned for destabilizing ends. Stakeholders urge swift reforms to prevent future vulnerabilities, emphasizing the need for transparent oversight in agencies like the NDDC.
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