The Managing Director of the South East Development Commission (SEDC), Mark Okoye, came under heavy fire on Tuesday as the Senate Committee on South East Development Commission demanded explanations over the spending of ₦16.6 billion released to the agency from the 2025 budget.
The committee, chaired by former Abia State Governor and Senator representing Abia North, Senator Orji Uzor Kalu, raised red flags over several expenditures, including ₦153 million allegedly spent on renting a one-room liaison office in Abuja and ₦2.5 billion listed as implied expenditure.
The lawmakers expressed displeasure during an investigative session where the commission’s management presented its financial report for scrutiny.
Committee members faulted the report, describing it as inadequate and incapable of properly accounting for funds already spent by the commission.
Senator Kalu disclosed that information obtained by the committee from the Central Bank of Nigeria (CBN) showed that only about ₦13 billion remained in the commission’s account, indicating that roughly ₦3.6 billion had already been spent.
According to him, every kobo spent must be backed with verifiable records and proper documentation.
“This committee is disappointed with the financial report presented to us. The report is completely unacceptable,” Kalu declared.
Other members of the committee, including Senator Enyinnaya Abaribe, Senator Victor Umeh and Senator Austin Akobundu, also questioned the financial disclosures made by the commission and demanded greater transparency and accountability.
Defending the agency, Mark Okoye maintained that all expenditures were carried out prudently and in line with established financial management procedures.
He explained that the commission had deliberately adopted a cautious spending strategy to avoid creating liabilities that could not be funded.
“Our approach has been to ensure that available resources are directed towards priority projects. We want allocations to guide the procurement process so that contracts awarded can be backed by available funding,” he said.
“What we want to avoid is a situation where contracts are awarded without the financial capacity to execute them.
“For example, having a budget of ₦140 billion does not automatically mean that ₦140 billion in cash is available. It would be irresponsible to award contracts worth the entire budget if only ₦10 billion or ₦20 billion has actually been released. Doing so would create unfunded liabilities and a significant financial deficit.”
However, his explanations failed to satisfy the lawmakers.
Following heated deliberations, the committee directed the commission to submit comprehensive financial records, including details of contracts awarded, payments made and all supporting documents, on or before June 23, 2026.
“By the 23rd, we want to have the complete documentation. Once we receive and review the documents, we will determine the date for your next appearance before the committee,” Kalu said.
The committee subsequently adjourned the hearing, warning that further action would depend on the documents submitted by the commission and insisting that full compliance with its directive was non-negotiable.
