The Senate Committee on the South East Development Commission has put SEDC Managing Director Mark Okoye on the spot over how the agency spent N16.6 billion from its 2025 budget allocation.
The committee, led by Senator Orji Uzor Kalu of Abia North, is questioning several line items in the commission’s financial report. Chief among them is N153 million allegedly used to rent a single-room liaison office in Abuja.
Another red flag for lawmakers is N2.5 billion listed under “implied expenditure” with no clear breakdown. The vague description drew sharp reactions during the investigative hearing. 
Committee members said Okoye failed to give satisfactory answers about where the money went. They stressed that every kobo of the N16.6 billion must be accounted for before the session closes.
Kalu told the hearing that CBN records show only N13 billion was left in SEDC’s account as of December last year. That means N3.6 billion had already been spent, and the committee wants full documentation for it.
“This committee is disappointed with the financial report given, which is completely unacceptable,” Kalu said. Senators Enyinnaya Abaribe, Victor Umeh, and Austin Akobundu echoed his frustration with the commission’s submission.
In his defense, Okoye said all spending was directed at priority projects. He explained the commission avoids awarding contracts beyond released funds to prevent unfunded liabilities, noting that a N140 billion budget doesn’t mean cash is available upfront.
Not convinced, the committee gave SEDC until June 23 to submit complete records. Kalu ordered the commission to provide contract details, payment schedules, and all supporting documents before it returns for another appearance.
