Military intelligence operatives have uncovered about N11 billion in the bank accounts of a colonel detained in connection with an alleged coup plot involving some senior military officers, Sunday PUNCH has learnt.
According to top security sources, the discovery strengthened suspicions linking the officer to the reported conspiracy.
An officer familiar with the probe disclosed that the colonel, who once served directly under a brigadier general now also under investigation, had been deployed in the Niger Delta before his arrest.
“When interrogated, the colonel claimed that the funds belonged to a former governor, whom he described as his business partner. He insisted that the money was meant for a legitimate business transaction,” the source said.
Findings revealed that the ongoing investigation is part of a broader operation launched after intelligence reports in August 2024 hinted that some serving military officers were plotting to topple the government.
Security sources said the Defence Intelligence Agency (DIA) had been monitoring communications, financial movements, and foreign contacts linked to the suspects for months before the arrests were made.
“The coup plotters have been under the radar since August 2024, when the service got wind of the plot. They mapped out three different times to strike, two of which were the June 12 Democracy Day and the October 1 Independence Day this year,” a source said.
“They met in the UK and Turkey this year. But the DIA was patiently gathering facts and evidence before swooping on them.”
However, Intelligence gathered during surveillance reportedly prompted a review of presidential security arrangements and movement schedules.
Sources revealed that President Bola Tinubu’s frequent stays in Lagos and limited presence in Abuja were part of precautionary security measures at the time.
“The first countermeasure taken was to divert the President’s movement in recent times,” one source noted.
“There was credible intelligence that they would execute the coup operation on October 1, and that was why the Independence Day celebration was cancelled. It was an operation that lasted for over a year, since August last year. But the service was ahead of them because they had access to their communications.”
Last Friday, President Tinubu dismissed all the service chiefs and appointed new ones.
According to Sunday PUNCH, the removal of the former Chief of Defence Staff, Gen. Christopher Musa, was linked to a public statement issued by the Defence Headquarters confirming the arrest of 16 officers—an action described within security circles as a “management error.”
A credible source said, “Information about the arrest of the 16 officers shouldn’t have been in the public domain. The management of the situation was essential because they didn’t want people to have justification for the plot. The international community might begin to misinterpret the situation. The fact that the Chief of Defence Staff was careless by disclosing that they arrested 16 officers was a bad approach to management. That carelessness necessitated the change of the service chiefs.”
The source added that the decision to relieve all the service chiefs of their duties simultaneously was a strategic move to conceal disciplinary motives and prevent speculation that Gen. Musa alone was being punished.