Senate Investigates N153 Million Spending by SEDC Chief

The Senate Committee on Finance is probing Mr. Mark Okoy, the Managing Director of the Southeast Development Commission (SEDC), regarding a reported expenditure of N153 million for office rent and other expenses.

Senator Orji Kalu, representing Abia North and chair of the committee, raised concerns during a hearing where the committee reviewed financial documents related to the SEDC's N16.6 billion budget for 2025. The committee noted that only N13 billion remains from the amount released in December 2025.

Senators Enyinnaya Abaribe, Victor Umeh, and Austin Akobundu criticized the financial report for its lack of transparency and inadequacies. The committee rejected Okoy's explanations and demanded additional documentation, including detailed records of contract payments.

The committee adjourned the hearing, emphasizing the need for full disclosure of the commission's financial activities before proceeding further.