The Senate Committee on the South East Development Commission (SEDC) has called out the Commission’s Managing Director, Mark Okoye, for failing to properly account for N16.6 billion allocated from the 2025 budget.
During an investigative hearing on Tuesday, committee members, led by Senator Orji Uzor Kalu (Abia North), expressed dissatisfaction with the financial records submitted by Okoye. They specifically queried a N153 million expenditure for renting a small liaison office in Abuja and N2.5 billion labeled as “implied expenditure.”
Senator Kalu pointed out that according to the Central Bank of Nigeria, only N13 billion of the N16.6 billion released in December remains, meaning N3.6 billion has been spent without proper documentation. “The report you presented is completely unsatisfactory,” Kalu said, voicing the committee’s disappointment.
Other senators, including Enyinnaya Abaribe (Abia South), Victor Umeh (Anambra Central), and Austin Akobundu (Abia Central), also criticized the vague financial report.
In his response, Okoye defended the spending, saying the commission prioritized judicious use of funds. He explained that they avoided awarding contracts exceeding available cash to prevent unfunded liabilities. “Just because the budget is N140 billion doesn’t mean we have that cash. Awarding contracts without funds would be irresponsible,” he argued.
The committee was not convinced. Kalu ordered the SEDC to submit comprehensive records, including contract details, payment proofs, and supporting documents, by September 23. Once reviewed, a date for Okoye’s next appearance will be set.