Senate panel queries SEDC over inability to account for over N4bn

The Senate Committee on the South East Development Commission (SEDC) has queried the commission's management regarding its inability to account for over N4 billion spent from its 2025 budget. The commission's Managing Director, Mark Okoye, appeared before the committee to defend the expenditure.

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We’ll not tolerate anything, whether you’re appointed by heaven and earth. My duty is to do my duty, and we’re to do our duty as parliamentarians. I don’t care how you reached here, but the constitution has given me, all of us, a job to do, and we must guide you to do it according to the laws of Nigeria.

According to appropriation records, the SEDC received N16.6 billion for its operations in 2025. Committee Chairman Orji Kalu questioned the commission's contribution to the development of the South-east and demanded details on how its budget had been utilized. He asked Okoye how much remained in the commission's account and how the funds were spent.

Mr. Okoye claimed the commission had between N11.5 billion and N12 billion remaining, indicating that over N4 billion had been spent on operational activities. However, Mr. Kalu rejected this explanation, stating it did not align with the committee's records or information from the Central Bank of Nigeria (CBN). He demanded a detailed breakdown of the expenditure.

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The question I want to ask you is that, you receive N16.6 billion, how much is left in your account?

"I have spoken to the Central Bank, I can go to my office and give you documents now, and we have sent the Auditor General to audit everything you have done because I am not impressed," Mr. Kalu stated. Unable to provide a satisfactory account, the SEDC managing director was directed to return before the committee the following Tuesday with comprehensive documentation detailing the fund utilization.

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At the last time we checked and the last information that was given to me, the SCDC should have at least between N11.5 to N12 billion in its account.

"We're not satisfied with your job, this is not a job somebody that claims to be an expert like you should be doing. I'm very disappointed, and this committee is very disappointed, and we give you one week to go back and tell us the whole truth on this thing and come back to the committee because you're wasting our time," Mr. Kalu added.

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In the committee, we have access to anywhere you can spend money and keep money. These people are not people you know; they’re government officials. I have spoken to the Central Bank, I can go to my office and give you documents now, and we have sent the Auditor General to audit everything you have done because I am not impressed.