Senate queries SEDC MD over alleged mismanagement of N16.6bn 

The Senate Committee connected the South East Development Commission (SEDC) connected Tuesday took the Managing Director of the Commission, Mark Okoye, to task implicit the alleged mismanagement of N16.6 cardinal received from the 2025 fund allocation.

The committee, chaired by Senator Orji Uzor Kalu (Abia North), specifically frowned astatine N153 cardinal the committee claimed it spent to rent a one-room liaison bureau successful Abuja and N2.5 cardinal categorised arsenic “implied expenditure.”

Trouble came for the MD and different apical absorption unit erstwhile the committee reviewed the fiscal study submitted during an investigative hearing.

Irked by the MD’s nonaccomplishment to relationship for expenditures from the N16.6 cardinal received truthful acold from the national budget, committee members expressed disappointment and vowed to marque him relationship for the funds expended.

Senator Kalu told the embattled MD that, based connected accusation from the Central Bank of Nigeria, N13 cardinal remained from the N16.6 cardinal the SEDC collected successful December past year, meaning N3.6 cardinal had been spent and indispensable beryllium accounted for.

“This committee is disappointed with the fiscal study given, which is wholly unacceptable,” helium said.

Other members, including Senators Enyinnaya Abaribe (Abia South), Victor Umeh (Anambra Central), and Austin Akobundu (Abia Central), besides expressed displeasure with the study presented.

I...