By Anayo Akwitti
The Senate Committee on the South East Development Commission (SEDC) has interrogated the Managing Director of the Commission, Mark Okoye, over alleged mismanagement and questionable utilisation of ₦16.6 billion released under the 2025 budget.
The Senator Orji Kalu-led committee raised concerns during an investigative hearing in Abuja, questioning key expenditure items, including ₦153 million reportedly spent on a one-room liaison office in the capital and ₦2.5 billion listed as “implied expenditure.”
The lawmakers expressed dissatisfaction after reviewing the financial report submitted by the commission, insisting that the breakdown of funds received and spent so far was unclear and inadequate.
Senator Kalu disclosed that findings obtained from the Central Bank of Nigeria indicated that about ₦13 billion remains out of the ₦16.6 billion released in December, suggesting that ₦3.6 billion has already been spent and must be properly accounted for.
Other committee members, including Senators Enyinnaya Abaribe, Victor Umeh, and Austin Akobundu, also criticised the report, describing it as unsatisfactory and lacking transparency.
In his defence, the SEDC Managing Director. Mark Okoye said the commission’s spending approach was guided by available cash releases and the need to avoid awarding contracts without sufficient funding to back execution.
He explained that budget figures do not always translate to immediate cash availability, warning that committing full budgeted amounts could create unfunded liabilities.
However, the committee rejected the explanation and directed the commission to submit comprehensive records, including contract details, payment schedules, and all supporting documents, on or before the 23rd of the month.
Senator Kalu said the committee would reconvene after reviewing the documents to determine the next line of action, stressing that all financial transactions must be properly justified.
