Nigeria’s Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU) have formally joined military investigators in tracing financial flows linked to an alleged plot to overthrow President Bola Tinubu, focusing on the bank accounts of 16 detained officers and their civilian associates.

The forensic audit, launched on Thursday, follows the discovery of ₦45 billion allegedly routed from Niger Delta Development Commission (NDDC) accounts. Investigators are examining transaction histories, fund origins, and patterns of deposits and withdrawals tied to the suspects. Sources close to the Defence Intelligence Agency (DIA)-led probe said the operation extends to associates and partners of key figures, with potential asset freezes described as “standard procedure.” Neither EFCC spokesperson Dele Oyewale nor NFIU’s Aishatu Bantam responded to requests for comment.

The investigation builds on early October arrests of a cross-service group of officers, including a brigadier general, colonel, four lieutenant colonels, five majors, two captains, a lieutenant, a navy lieutenant commander, and an air force squadron leader. The military initially framed the detentions as misconduct linked to promotion grievances, not subversion. Defence Information Director Brigadier-General Tukur Gusau dismissed coup allegations as “false and malicious.”

Premium Times identified 12 of the officers as infantry personnel, with others from signals and ordnance units. The group was reportedly led by Brigadier-General Musa Abubakar Sadiq. The Cable reported that Squadron Leader S.B. Adamu, recently posted to the National Counter Terrorism Centre under National Security Adviser Nuhu Ribadu, was allegedly assigned to target the NSA—a claim investigators say arose from a suspicious override of his posting.

Saturday’s raid on the Abuja residence of former Bayelsa Governor Timipre Sylva, where operatives detained his brother Paga and a driver, has been linked to the NDDC fund trail, including a controversial ₦45 billion shoreline contract. Sylva, currently abroad for medical treatment, denied involvement through his aide Julius Bokoru, blaming political rivals ahead of the 2027 elections. NDDC Managing Director Samuel Ogbuku, Sylva’s former chief of staff, dismissed arrest rumors as “social media noise.”

SaharaReporters first tied the detentions to a foiled October 1 parade disruption, though both the military and presidency maintain there was no coup attempt. Officials say findings from the investigative panel will be released soon. For now, no public list of funders or recovered assets has emerged, and insiders stress discretion until the audit concludes.

The probe underscores rising tensions within Nigeria’s security architecture, which has remained coup-free since 1993. With economic pressures mounting, speculation continues to swirl around the motives and scope of the alleged plot.