The Senate Committee on South East Development Commission has rejected the financial report submitted by the commission’s Managing Director, Mark Okoye, demanding full accountability for billions of naira expended from its 2025 budgetary allocation.
The directive was issued during a rigorous investigative hearing chaired by Senator Orji Uzor Kalu, where lawmakers scrutinized the commission’s spending of its ₦16.6 billion initial disbursement.
Key Audit Concerns Raised by the Senate:
Discrepancy in Remaining Funds: Central Bank of Nigeria (CBN) records show only ₦13 billion remains of the initial funds, leaving an unaccounted deficit of approximately ₦3.6 billion.
Inflated Overhead Costs: Lawmakers questioned a ₦153 million expenditure earmarked for renting a single room liaison office in Abuja.
Unspecified Allocations: The committee flagged ₦2.5 billion categorized under vague “implied expenditure.”
The financial report submitted by the commission is entirely unacceptable. Every single naira spent from the ₦3.6 billion deficit must be fully and transparently accounted for.
Senator Orji Uzor Kalu.
In response to the allegations, SEDC Managing Director Mark Okoye defended the commission’s financial track record. He maintained that all disbursements were executed prudently and aligned strictly with cash releases to prevent the accumulation of unfunded liabilities.
Dissatisfied with the oral explanations provided, the Senate Committee has issued a strict ultimatum. The SEDC is required to submit comprehensive records including all contract details, payment receipts, and supporting documentation on or before June 23.
A subsequent hearing date will be scheduled following a thorough review of the submitted documents.
