It was supposed to be a routine oversight meeting, but it quickly turned into a high-stakes interrogation. Mark Okoye, managing director and chief executive officer of the South East Development Commission (SEDC), found himself in the hot seat this week as senators took turns tearing apart his agency’s financial records.
At the heart of the drama is ₦16.6 billion released to the commission from its 2025 budget. The Senate Committee on SEDC, led by Senator Orji Kalu, expected a clear roadmap of regional development. Instead, they reportedly found a financial trail that left them thoroughly unimpressed, leading them to reject Okoye’s vague claims and issue a stern warning.
Senator Kalu made it clear right from the start that political connections would not shield the commission’s leadership from intense parliamentary scrutiny.
Addressing the SEDC boss, Kalu warned that political backing would not exempt him from scrutiny, emphasizing that the committee’s duty is to ensure compliance with Nigerian law.
Lawmakers questioned a reported ₦153 million annual rent for a single-room liaison office in Abuja, prompting Kalu to tell the commission, “You’re dealing with people who have gone far than you think you can go”.
When questioned about the remaining funds, Mr. Okoye estimated about ₦11.5 to ₦12 billion remained, implying over ₦4 billion had been spent. Kalu rejected this, stating, “we have sent the Auditor General to audit everything you have done because I am not impressed”.
Expressing deep disappointment in the lack of clear, actionable plans from the new agency, Kalu demanded a full, truthful accounting of the funds by Tuesday, June 23.
Mr Mark Okoye, a former Anambra state commissioner and investment expert, was nominated by President Bola Tinubu on December 6, 2024, to lead the SEDC. Confirmed in January 2025 with an academic background from Harvard and George Washington University, Okoye is recognized for his role in regional public-private partnerships and economic planning.
