SEDC MD Questioned by Senate Over N16.6 Billion Budget Spending

The Managing Director of the South East Development Commission (SEDC), Mark Okoye, faced intense questioning by the Senate on Tuesday over alleged mismanagement of N16.6 billion from the 2025 budget.

The Senate committee on SEDC, chaired by Senator Orji Uzor Kalu (Abia North), expressed concern over N153 million reportedly spent on renting a single liaison office in Abuja and N2.5 billion listed as “implied expenditure.”

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The confrontation followed the committee’s review of the financial report submitted by the SEDC leadership during an investigative hearing, which revealed gaps in accountability.

Senator Kalu noted that the Central Bank of Nigeria confirmed N13 billion remains from the N16.6 billion collected in December 2025, meaning N3.6 billion has been spent and must be fully documented.

“This committee is disappointed with the financial report given, which is completely unacceptable,” Kalu said, while other members, including Senators Enyinnaya Abaribe, Victor Umeh, and Austin Akobundu, also expressed displeasure.

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In his defense, Okoye said expenditures were directed toward priority projects and aligned with available cash to avoid awarding contracts beyond the funds released, which could create financial deficits.

The committee, unsatisfied with his explanation, directed SEDC to submit full records, including contract details, payment information, and supporting documents by June 23, 2026.

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Senator Kalu added that once the documents are received and reviewed, the committee will schedule Okoye’s next appearance for further clarification, and the session was subsequently adjourned with a firm reminder about the deadline.

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