The Senate Committee on the South East Development Commission (SEDC) has questioned aspects of the Commission’s financial management, raising concerns over expenditure records and directing its management to submit comprehensive documentation by June 23.
The committee, chaired by Senator Orji Uzor Kalu, expressed dissatisfaction with the financial report presented by the Managing Director of the Commission, Mr. Mark Okoye, during an oversight session at the National Assembly on Tuesday.
Lawmakers specifically queried claims that the Commission spent N153 million on a one-room liaison office in Abuja and recorded N2.5 billion as “implied expenditure” in its financial statements. Members of the committee demanded detailed explanations and supporting documents to justify the expenditures.
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Citing records obtained from the Central Bank of Nigeria (CBN), Kalu disclosed that about N13 billion remained from the N16.6 billion allocated to the Commission in 2025, indicating that roughly N3.6 billion had already been spent and must be fully accounted for.
“This committee is disappointed with the financial report given, which is completely unacceptable,” Kalu said.
Other committee members, including Senators Enyinnaya Abaribe, Victor Umeh and Austin Akobundu, also faulted the presentation, describing the explanations provided by the Commission as inadequate and unconvincing.
Defending the Commission’s financial operations, Okoye insisted that no funds had been mismanaged since the agency was established. He said the Commission had adopted a prudent approach to spending while simultaneously setting up its administrative structure, operational systems and development programmes for the South-East region.
