@persecondnews.ng: The South East Development Commission (SEDC) has come under Senate scrutiny over the alleged payment of N153 million for a one-room office in Abuja and the spending of billions of naira without adequate documentation. The controversy emerged during a Senate investigative hearing on Monday, where lawmakers questioned SEDC Managing Director, Mark Okoye, over the commission’s financial records. According to the Senate Committee on the SEDC, the commission received N16.6 billion from the 2025 federal budget. However, records from the Central Bank of Nigeria showed that only about N13 billion remained in the commission’s account, prompting questions over how roughly N3.6 billion was spent. Lawmakers specifically demanded explanations for a reported N153 million office rent payment and another N2.5 billion expenditure that committee members said lacked sufficient details. Chairman of the committee, Senator Orji Uzor Kalu, described the financial report submitted by the commission as “completely unacceptable,” while other lawmakers expressed dissatisfaction with the explanations provided by management. In his defence, Okoye maintained that the commission had managed its funds responsibly, arguing that budgetary allocations do not necessarily translate into cash releases. He said the agency was avoiding the award of contracts without available funding in order to prevent future liabilities. Unconvinced by the explanations, the committee directed the SEDC management to submit detailed financial records, including contract awards and payment schedules, by June 23, 2026. The hearing also revealed that despite the Senate’s approval of a N140 billion budget for the commission in 2026, less than 10 per cent of the allocation has reportedly been released so far. #nigerianews #nigeriannews #naijanews #southeastnigeria

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Wednesday 10 June 2026 04:04:29 GMT