The South East Development Commission (SEDC) yesterday defended the over N150m expended in the rent of its one-room Abuja liason office.
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The Senate Committee on SEDC headed by Senator Orji Uzor Kalu on Tuesday queried the amount and other spendings by the commission demanding a detailed audited financial report from its Managing Director and Chief Executive, Mark Okoye.
In a statement from Okoye’s office yesterday, the SEDC explained that the expenditure covered cumulative spending since the office was inaugurated on February 11, 2025, including rent, utilities, operational costs and basic furnishing.
It said the office was rented in Maitama, Abuja, as a liason bass for engagements with the National Assembly, federal ministries and agencies, development finance institutions and strategic partners.
Okoye defended other spendings by the commission, pledging full disclosure of its financial records to the Senate Committee.
Explaining what transpired with the committee, Okoye said the commission provided lawmakers with detailed briefings on its finances, operations, procurement processes, institutional development, strategic partnerships and ongoing programmes across the South-East.
According to the statement, the Senate committee requested additional documents on specific aspects of the commission’s operations and spending, which SEDC welcomed and requested to submit them by June 23.
SEDC also said it had prioritised relocation to its headquarters in Enugu. It noted that, rather than acquire a new facility, it secured the transfer of an existing building from the Enugu State Government and entered into an agreement with the state government to fast-track its rehabilitation.
On concerns over “implied expenditure”, the commission said the funds related to a contract awarded for the rehabilitation of the Enugu headquarters.
It stated that the contract was awarded in line with the Public Procurement Act 2007, with approvals from the Bureau of Public Procurement and the supervising ministry.
The commission stressed that the funds represented legally committed budgetary obligations that had not yet been disbursed.
“To be precise, this money has not left the commission’s accounts,” the statement said.
SEDC further disclosed that it had yet to receive any capital budget allocation, but had continued project development activities using available resources while awaiting releases.
According to the commission, spending since inception has focused on building the institutional framework required for effective operations and advancing project development activities.
It recalled that its first funding disbursement came more than 10 months after its establishment.
It said institutional expenditure covered salaries and arrears for staff who had worked despite funding delays, personnel training, establishment of offices in Abuja and Enugu, and procurement of information and communications technology infrastructure.
The SEDC added that project-related spending included feasibility studies and due diligence for priority regional projects, including a proposed gas infrastructure partnership aimed at boosting energy and industrial development in the South-East.
Other initiatives highlighted by the commission included participation in the Intra-African Trade Fair in Algeria, efforts to secure a partnership with Afreximbank for a Project Preparation Fund targeting moribund industries, the South East Vision 2050 Stakeholder Forum and the South East Venture Capital Programme.
According to SEDC, the venture capital programme has provided funding support to 25 startups across the region.
The commission assured lawmakers and the public that it would submit procurement records, contract details, payment schedules and other supporting financial documents to the Senate committee before the June 23 deadline.
Reaffirming its commitment to transparency and accountability, SEDC said it was focused on its mandate of driving economic transformation, infrastructure development, investment mobilisation and regional prosperity in the South-East.
It expressed confidence that a full review of its records would provide a clearer picture of its operations and management of public resources.
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