A combined photo of Mark Okoye and SEDC logo
By Victory Oghene
The Senate has revealed how the South East Development Commission (SEDC) under the watch of Mark Okoye has squandered the whopping sum N153million on a one room Abuja liaison office.
The senate committee (SEDC) also investigated the utilisation of N16.6 billion budgetary allocation on Tuesday.
The chairman of the committee, Senator Orji Kalu and other members of the committee questioned several expenditure items contained in the commission’s financial report, including N153 million spent on an Abuja liaison office and N2.5 billion classified as “implied expenditure”.
The committee’s concerns followed a review of financial records submitted by Mark Okoye, managing director of the SEDC, and other senior officials of the commission.
Kalu said information available to the committee indicated that only N13 billion remained from the N16.6 billion released to the commission in December 2025.
According to him, the development suggested that about N3.6 billion had been spent and must be fully accounted for.
“This committee is disappointed with the financial report given, which is completely unacceptable,” Kalu said.
“You have one little office here in Abuja. And you pay N153 million… one room! This committee knows.”
Other members of the committee who faulted and demanded further explanation on the SEDC’s expenditure are Enyinnaya Abaribe senator representing Abia South, Victor Umeh, senator representing Anambra central; and Austin Akobundu, senator representing Abia central
While defending the expenditure, Okoye said all expenditures made by the commission were lawful and directed towards priority projects and institutional development.
“Our approach has been to ensure that available resources are directed towards priority projects,” he said.
“We want allocations to guide the procurement process so that contracts awarded can be backed by available funding.
“What we want to avoid is a situation where contracts are awarded without the financial capacity to execute them.
“For example, having a budget of N140 billion does not automatically mean that N140 billion in cash is available.
“It would be irresponsible to award contracts worth the entire budget if only N10 billion or N20 billion has actually been released. Doing so would create unfunded liabilities and a significant financial deficit.”
The committee, however, rejected the explanation and directed the commission to provide comprehensive documentation on its expenditures.
