The Nigerian military has reportedly traced about ₦45 billion to accounts linked to the Niger Delta Development Commission (NDDC) as part of its ongoing investigation into an alleged coup plot involving several military officers.
Funds Linked to Questionable Contracts
According to reliable security and financial sources, the funds were allegedly moved under the guise of a shoreline protection project valued at over ₦54 billion. Investigators are said to be examining whether portions of the money were diverted to support subversive activities or private enrichment.
The NDDC’s managing director and key finance officials were reportedly questioned over the transactions, which have now attracted the attention of both the Defence Intelligence Agency (DIA) and the Economic and Financial Crimes Commission (EFCC).
Coup Allegations Deepen
The financial probe follows the detention of at least 16 military officers over alleged involvement in a coup plot.
The presidency has since denied the existence of any planned overthrow, describing the situation as an “internal security review” within the armed forces.
However, the revelation that billions of naira were traced through a major federal agency has intensified concerns over the possible use of public funds to finance politically destabilizing activities.
NDDC’s Record Under Renewed Scrutiny
The latest development adds to the NDDC’s long-standing reputation for financial mismanagement. Earlier this year, the Socio-Economic Rights and Accountability Project (SERAP) sued the federal government for allegedly withholding the commission’s forensic audit report, which reportedly uncovered over ₦6 trillion in unaccounted expenditures.
The NDDC has yet to issue an official statement on the ₦45 billion trace, though it previously dismissed claims of extravagant spending under its current management.
Implications for Governance and Security
Many say the investigation underscores the growing intersection between corruption and national security.
“This is not just a financial scandal; it’s a governance and stability issue,” a senior security analyst said. “If confirmed, it exposes how state institutions can be exploited to fund anti-state activities.”
The outcome of the investigation is expected to shape future oversight measures across federal parastatals, particularly those managing development funds in the Niger Delta region.
More Analysis
Security agencies are continuing to analyze bank records and contractor accounts. Sources say arrests and asset forfeiture proceedings may follow once the military completes its internal report.
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Meanwhile, public attention is shifting toward the federal government’s response — whether it will sanction the NDDC leadership or order a broader audit of its recent transactions.
