By Erewunmi Peace

Security agencies in Nigeria have reportedly uncovered ₦11 billion traced to the bank accounts of a serving army colonel detained in connection with an alleged coup plot involving senior military officers.

According to a report by the newspaper The PUNCH, operatives from the Defence Intelligence Agency (DIA) have traced approximately ₦11 billion to the accounts of the officer under investigation.

A senior official familiar with the investigation told the paper that the arrested colonel, who reportedly once served under a brigadier‐general also under scrutiny, was previously deployed in the Niger Delta region.

When interrogated, the colonel allegedly claimed the funds were the proceeds of legitimate business transactions and stated that they belonged to a former governor whom he described as his business partner.

The broader investigation reportedly began following intelligence alerts in August 2024 that some serving officers were planning to destabilise the government. Surveillance by the Defence Intelligence Agency included monitoring communications, financial networks and foreign contacts.

Security sources told the PUNCH that one of the triggers for heightened vigilance was a suspected operation targeted for October 1. As a result, presidential security arrangements and the President’s movements were adjusted.

While the military leadership has publicly denied any attempted coup — stating the detained officers are under internal review — the intelligence trail and the large sum of money uncovered appear to deepen concerns about the scope of the alleged conspiracy.

The discovery of ₦11 billion in bank accounts heightens the stakes of the investigation and suggests significant financial backing behind the alleged plot.

If the colonel’s explanation of the money involving a former governor is verified, it raises questions about civilian involvement or facilitation in what is purportedly a military conspiracy.

The incident may prompt increased scrutiny of military oversight, financial transparency, and civil-military relations in Nigeria.

The timing of the intelligence alerts and the reportedly foiled dates (June 12, October 1) suggest that the plot, if real, had broad aspirations or symbolic timing.

The restructuring of top military leadership (service chiefs) in recent weeks may be indirectly linked to this probe, as part of efforts to assert control and pre-empt further crises.

The name of the detained colonel has not been publicly confirmed in the reports.

There is no independently verified public statement listing all details of how the ₦11 billion travelled, exactly which banks/accounts, or the full link to the alleged coup plot.

The role of the former governor mentioned by the colonel in his defence remains unverified and needs further investigation.

Whether the probe will officially be treated as a coup-attempt or as internal disciplinary proceedings within the armed forces.

The final outcome of investigations (arrests, charges, recoveries) is not yet public.

Monitor official statements from the Defence Headquarters or DIA for confirmation and additional details.

Investigate the identity and service record of the colonel, as well as the deployment history that links him to senior officers.

Follow up on financial forensic reports: banks involved, account details, transaction trails or freeze orders.

Clarify if there are any civilian collaborators, and whether any former governors or governors under suspicion will be named.

Explore reactions from military families, defence analysts and civil society — how this affects trust in the armed forces and national security.

Verify whether the restructuring of the military leadership is directly linked to this case or part of broader reforms.

The discovery of billions of naira in the bank accounts of a detained military officer casts a long shadow over the Nigerian armed forces. Whether this is a foiled coup, a case of corruption masked as a security threat, or a combination thereof remains to be seen. But the financial trail and the high-stakes nature of the allegations suggest the story will dominate Nigerian security and political discourse for weeks to come.