The Senate Committee on the South East Development Commission (SEDC) has issued a firm ultimatum to the agency’s Managing Director, Mark Okoye, to provide detailed records explaining the expenditure of N16.6 billion from its 2025 budget, amid concerns over questionable spending.
The committee, chaired by Senator Orji Uzor Kalu, raised serious objections during an investigative hearing, highlighting inconsistencies and vague entries in the commission’s financial report.
Top among the concerns was the reported N153 million spent on renting a single-room liaison office in Abuja, a figure lawmakers described as excessive and unjustifiable. Additionally, the committee flagged a N2.5 billion entry listed as “implied expenditure” without any clear breakdown, further deepening suspicions over the agency’s financial transparency.
Senator Kalu disclosed that records from the Central Bank of Nigeria indicated that only N13 billion remained in the SEDC’s account as of December 2025, suggesting that N3.6 billion had already been spent. He stressed that the commission must account for every kobo.
“This committee is disappointed with the financial report given, which is completely unacceptable,” Kalu said, echoing the sentiments of other lawmakers including Senators Enyinnaya Abaribe, Victor Umeh, and Austin Akobundu.
Responding to the queries, Okoye maintained that all expenditures were tied to priority projects. He explained that the commission avoids awarding contracts beyond funds released to prevent liabilities, noting that budgetary allocations do not necessarily translate to immediate cash availability.
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However, the committee expressed dissatisfaction with his explanations and directed the SEDC to submit comprehensive documentation, including contract details, payment schedules, and supporting evidence, on or before June 23, 2026.
The Senate warned that failure to comply could attract further legislative action as it intensifies oversight on public fund management.
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