The Senate Committee on the South East Development Commission (SEDC) has queried the managing director of the commission, Mark Okoye, over the alleged mismanagement of N16.6 billion from the 2025 budget allocation.
During an investigative hearing on Tuesday, the committee raised concerns over specific expenditures, including N153 million reportedly spent on renting a one-room liaison office in Abuja and N2.5 billion classified as “implied expenditure.”
The session, chaired by Senator Orji Uzor Kalu (Abia North), turned tense as lawmakers scrutinized the financial report submitted by the commission’s management.
Committee members expressed dissatisfaction with the MD’s inability to adequately account for the funds disbursed from the allocation.
According to Senator Kalu, information obtained from the Central Bank of Nigeria indicated that out of the N16.6 billion released in December 2025, about N13 billion remains unspent, leaving N3.6 billion already expended and subject to explanation.
“This committee is disappointed with the financial report presented. It is completely unacceptable,” Kalu stated.
Other lawmakers, including Senators Enyinnaya Abaribe (Abia South), Victor Umeh (Anambra Central), and Austin Akobundu (Abia Central), also voiced strong displeasure with the report.
In his defence, Okoye maintained that all expenditures were carried out prudently and in line with project priorities.
He explained that the commission adopts a cautious financial approach to avoid awarding contracts without adequate funding.
“Our focus is to ensure that available resources are directed toward priority projects. We avoid awarding contracts that cannot be backed by actual cash releases to prevent creating unfunded liabilities,” he said.
He further noted that having a budget allocation does not necessarily translate to having the full cash available for immediate use.
However, the committee remained unconvinced by his explanations and directed the commission to submit comprehensive financial records, including contract details, payment schedules, and supporting documentation.
The committee set September 23 as the deadline for submission of all requested documents, after which a new date will be scheduled for further engagement.
The hearing was subsequently adjourned, with the committee reiterating its expectation that the commission provide full accountability for the funds in question.