SEDC in alleged misappropriation scandal, spends N460 million in frivolities

The leadership of South East Development Commission, SEDC, has been accused of misappropriation of fund meant for the development of the region.

In a viral story making the rounds in the social media, the young Managing Director of the commission, Mark Okoye, was accused of having disappointed the south east that had high expectations from him and the commission.

The allegation purportedly obtained from the Aif media, in the 2026 budget of the commission, it earmarked over 90% of the budget is on frivolities and jamboree without any tangible project for the south east.

The document went further to allege that in 2025, SEDC used 460 million naira for Stakeholder engagements, Round tables and sectoral engagements, adding that in 2026, the commission also spent 121 million naira in Investment Promotion, Diaspora Engagements, etc.

It went further to alleged that in the 2026 budget of 140Billiio, the commission proposes to procure Equipment (CCTV, Drones, CCTV, Control Rooms, Infrastructure) at 10.5 billion naira. 

"Is Mark Okoye taking over the security of Southeast from state governors,"?

Other proposals include: 

2. Innovation Hubs - 5.5 billion naira.

3. Legal C Administrative Setup - 2 billion naira 

4. Technical Feasibility Studies - 1.6 billion naira

5. Master Planning C Urban Design - 2 billion naira 

6. Bussiness Case Development - 500 million naira 

7. Fund Setup C Strcturing - 500 million naira 

8. Training C Incubation - 1.5 billion naira 

9. Program Development (Research and equipping) - 1 billion naira 

10. Coach Training - 1 billion naira 

11. Maintenance - 500 million naira 

12. Capacity Building - 1.7 billion naira 

13. Leadership Certificate - 350 million naira.

I think this 350 million naira is only printing of leadership certificates l.

14. Fellowship Admin - 250 million naira 

15. Interships - 200 million naira 

16. Training C Mentorship - 210 million naira 

17. Media Campaigns (TV, Digital C Print Media) - 1.3 billion naira

Only media has 1.3 billion naira.

18. PR C Advertising - 480 million naira

19. Branding - 535 million naira

20. Investment Summit - 1.3 billion naira 

21. Stakeholder Engagements - 1 billion naira.

"Last year he used 460 million naira for stakeholders engagement, this year he increased it to 1 billion naira."

22. Summit Activities - 550 million naira 

23. Investor Roadshows - 1.3 billion naira.

"Only road shows will cost 1.3 billion naira." 

24. Diaspora Engagements - 780 million naira

"Last year it was 121 million naira. He shoot it up to 780 million naira this year."

25. Financial Advisory - 1.5 billion naira 

26. Stationeries C IT Consumables - 650 million naira.

Staionaries to cost Mark Okoye 650 million naira. 

27. Refreshments - 320 million naira 

Do they want to feed ndigbo daily?

28. Advocacy C Outreach - 500 million naira

This is different from roadshows, media etc

29. Local travel 1 .1 bilion naira while international travel is 1.5 billion naira. 

30. Regional Security Operations is 3.5 billion naira. 

"Ndigbo, is this the infrastructure, we are expecting from Southeast Development Commission? No major capital project in the budget.

"Roadshow, media, stakeholder engagement, entertainment, refreshment, travelling, diaspora meetings and so many frivolities that filled the Southeast Development Commission 2026 budget. This is unfortunate."