Senate grills SEDC managing director Mark Okoye over alleged ₦16.6bn spending

The Senate on Tuesday intensified its oversight of the South East Development Commission (SEDC), directing its Managing Director, Mark Okoye, to account for alleged irregularities in the utilisation of ₦16.6 billion appropriated in the 2025 budget.

The scrutiny took place during an investigative hearing by the Senate Committee on the South East Development Commission, amid growing concerns over transparency in the management of funds allocated to the newly established regional development agency.

The committee, chaired by Senator Orji Uzor Kalu, raised objections to several items in the commission’s financial report, including ₦153 million reportedly spent on renting a single-room liaison office in Abuja and another ₦2.5 billion listed under “implied expenditure.”

Lawmakers said preliminary findings suggested that only ₦13 billion remained from the ₦16.6 billion released in December, raising questions over how about ₦3.6 billion had been expended without clear justification.

“This committee is disappointed with the financial report given, which is completely unacceptable,” Senator Kalu said.

Other committee members, including Senators Enyinnaya Abaribe, Victor Umeh and Austin Akobundu, also expressed dissatisfaction with the presentation, describing parts of the report as lacking clarity and transparency.

In his defence, Okoye said the commission’s spending was guided by priority projects and procurement realities, adding that releases did not necessarily reflect total budgeted figures.

“Our approach has been to ensure that available resources are directed towards priority projects… It would be irresponsible to award contracts worth the entire budget if only a fraction has been released,” he said.

Despite the explanation, the committee rejected the submission and ordered the commission to return with full documentation.

The panel directed the SEDC to submit detailed records, including contract awards, payment schedules and supporting documents, on or before the 23rd of the month.

The Senate committee adjourned the session, stressing that it expects full compliance and transparency before further consideration of the commission’s financial operations.

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