Nigeria’s Senate has questioned the South East Development Commission (SEDC) over the management of N16.6 billion released to the agency in the 2025 budget, amid concerns over “unexplained” and “inappropriate” expenditures.
The Managing Director of the commission, Mr Mark Okoye, appeared before the Senate Committee on SEDC on Tuesday to account for how the funds were spent.
The committee, chaired by Senator Orji Uzor Kalu, said it was not satisfied with the financial records presented by the agency and ordered it to submit a full breakdown of all expenditures.
Lawmakers raised particular concern over reports that the commission spent N153 million on renting a one-room liaison office in Abuja, as well as another N2.5 billion described as “implied expenditure” without clear explanation.
The issues were raised during an investigative hearing after the committee reviewed financial documents submitted by the commission.
Senator Kalu said data obtained from the Central Bank of Nigeria (CBN) showed that about N13 billion remained in the commission’s account out of the N16.6 billion released in December 2025, suggesting that around N3.6 billion had already been spent.
“This committee is disappointed with the financial report presented to us. It is completely unacceptable,” Kalu said.
Other committee members, including Senators Enyinnaya Abaribe, Victor Umeh and Austin Akobundu, also expressed concern over what they described as gaps in the financial disclosures and demanded greater transparency.
Responding, Mr Okoye defended the commission’s spending, saying all expenditures were made in line with due process and within financial regulations.
He explained that the commission was prioritising projects based on actual cash releases rather than budget projections.
“Our approach has been to ensure that available resources are directed towards priority projects,” he said.
He added that awarding contracts without confirmed funding could lead to financial problems for the agency.
However, the committee rejected the explanation and directed the SEDC leadership to submit detailed records of all transactions, including contracts, payment schedules and procurement documents, by June 23.
“By the 23rd, we want to have the complete documentation,” Senator Kalu said.
The committee adjourned the hearing, warning that the commission must fully account for all funds received from the Federal Government before further decisions are taken.
