SEDC Boss Mark Okoye Faces Probe Over N16.6bn Budget

Mark Okoye, the Managing Director of the South East Development Commission (SEDC), is currently under investigation for alleged mismanagement of a N16.6 billion budget allocated for 2025. The Senate committee, chaired by Orji Uzor Kalu from Abia North, raised concerns over a reported N153 million spent on renting a liaison office in Abuja and questioned the categorization of expenditures.

During the financial report submission, committee members expressed disappointment over Okoye's failure to account for the N16.6 billion received from the federal budget, noting that only N13 billion remained as of December last year, indicating N3.6 billion had been spent without proper justification. Okoye defended the expenditures, stating that funds were directed towards priority projects and that he aimed to avoid awarding contracts without financial capacity.

The committee has requested a comprehensive record of contracts and payments by the 23rd of the month, after which they will determine the next steps in the investigation.