By Newscount
About ₦11 billion has been traced to bank accounts linked to a serving Nigerian Army colonel who is currently in custody as part of an ongoing investigation into an alleged plot to overthrow the government.
According to security sources familiar with the matter, the colonel and several senior officers had been under discreet surveillance since August 2024 after intelligence reports suggested suspicious movements and communications within some military formations. The Defence Intelligence Agency (DIA), which is handling the investigation, reportedly began tracking their financial activities and contact networks following classified intercepts that raised red flags about possible plans to destabilise the administration.
The large sum of money, discovered across multiple bank accounts belonging to the colonel, was said to have been detected during a detailed financial audit ordered by military intelligence. When questioned, the officer claimed the funds belonged to a former state governor, whom he identified as his business partner, insisting that the deposits were meant for legitimate commercial transactions.
Sources disclosed that the DIA’s investigation gained momentum after reports emerged that the alleged plotters had discussed specific dates, including June 12, Democracy Day, and October 1, Independence Day, as potential target days for their planned actions. The officers were subsequently detained as investigators moved to secure evidence and prevent any compromise of national security.
Although the DIA has yet to make a public statement, security insiders said the discovery of the ₦11 billion and the widening probe formed part of the intelligence brief that influenced President Bola Tinubu’s recent reshuffle of the military high command. The changes, they said, were intended to restore confidence, check internal discontent, and maintain the stability of the armed forces.
Nigeria’s history of military involvement in governance has made any hint of a coup plot a matter of grave national concern. The ongoing investigation, coupled with the discovery of the huge funds in a serving officer’s accounts, has heightened public anxiety and raised fresh questions about financial integrity and loyalty within the military establishment.
Investigators are continuing to track the financial trail, review communication logs, and examine potential links between the detained officers and external political actors as efforts intensify to unravel the full extent of the alleged conspiracy.
