The Managing Director of the South East Development Commission (SEDC) Mark Okoye, has come under intense scrutiny from the Senate over alleged financial mismanagement of funds released to the commission from the 2025 budget.
During an investigative hearing by the Senate Committee on South East Development Commission, lawmakers questioned expenditures made from the N16.6 billion received by the commission, raising concerns over a reported N153 million spent on renting a one-room liaison office in Abuja and N2.5 billion classified as implied expenditure.
Chairman of the Committee, Senator Orji Uzor Kalu, said information obtained from the Central Bank of Nigeria showed that only N13 billion remains from the funds released, indicating that about N3.6 billion has already been spent and must be fully accounted for. He described the financial report submitted by the commission as unacceptable.
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Several lawmakers, also expressed dissatisfaction with the commission’s financial records.
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In his defence, the SEDC Managing Director maintained that all expenditures were prudently made and guided by available cash releases to avoid creating unfunded liabilities.
Not satisfied with the explanation, the committee directed the commission to submit comprehensive records of all contracts, payments and supporting documents on or before the 23rd of this month, after which it will determine a date for a further appearance by the commission.
