The Senate has questioned the South-East Development Commission (SEDC) over its financial records, including a reported ₦153 million spent on renting a one-room liaison office in Abuja.
The issue came to the forefront on Tuesday during a session of the Senate Committee on the South-East Development Commission, where lawmakers subjected the agency’s financial report to intense scrutiny.
The committee, chaired by former Abia State Governor and Senator representing Abia North, Orji Uzor Kalu, also sought explanations for about ₦2.5 billion listed as implied expenditure in the commission’s accounts.
Lawmakers raised concerns after reviewing records obtained from the Central Bank of Nigeria (CBN), which showed that the commission received ₦16.6 billion in December 2025. According to the committee, about ₦13 billion remained in the agency’s accounts, indicating that approximately ₦3.6 billion had already been spent.
Expressing dissatisfaction with the financial report submitted by the commission, Senator Kalu described the document as inadequate and incapable of providing the level of transparency expected from a public institution.
“This committee is disappointed with the financial report given, which is completely unacceptable,” Kalu said during the session.
Several members of the committee, including Senators Enyinnaya Abaribe, Victor Umeh and Austin Akobundu, also challenged aspects of the report and demanded detailed explanations regarding the commission’s expenditure profile.
Responding to the concerns, SEDC Managing Director Mark Okoye defended the agency’s financial management, insisting that funds were being deployed strategically to projects considered most critical to the development of the South-East region.
“Our approach has been to ensure that available resources are directed towards priority projects. We want allocations to guide the procurement process so that contracts awarded can be backed by available funding,” Okoye told the committee.
He explained that the commission was deliberately avoiding the award of contracts without adequate financial backing, a practice he said could create future liabilities and burden the agency with unpaid obligations.
“What we want to avoid is a situation where contracts are awarded without the financial capacity to execute them,” he added.
Okoye further noted that budgetary approvals do not automatically translate into cash releases, stressing that spending decisions must be guided by actual funds available to the commission.
Despite the explanations, lawmakers remained unconvinced and insisted on greater transparency regarding the agency’s financial operations.
At the end of the session, the committee directed the SEDC to submit a comprehensive breakdown of all contracts awarded, payments made and supporting financial documents on or before June 23 for further examination.
The latest development signals increased legislative oversight of the commission as lawmakers seek accountability in the management of public funds earmarked for the development of the South-East region.
