Clarity about SEDC expenditures
· The money being talked about as “implied expenditure” has not left the bank account. It is still with the Commission.
· The figure refers to a planned contract to fix up their main office in Enugu (which was donated by the Enugu State Government).
· SEDC followed the proper legal process (Public Procurement Act) and got all necessary approvals before committing to that contract.
· No actual payment has been made yet.
On the Abuja Office
· Yes, money was spent on the Abuja office, but it covers rent, electricity, water, and basic furniture from February 2025 up to now.
· They need that office to meet with lawmakers, government ministries, and development partners.
· They are already planning to move to Enugu as soon as possible, and they got a free building from Enugu State instead of buying a new one to save public money.
On Where the Money Has Actually Gone
· The Commission has not received any capital budget funds from the government yet.
· The first time they got any money was after more than 10 months of being in existence.
· Despite having almost no funds, they still managed to make progress using whatever little resources and goodwill they could gather.
What Their Spending Has Covered So Far (No Luxury or Fraud)
· Paying staff salaries and backpay (some staff worked from February 2025 without pay).
· Training staff.
· Setting up basic offices in Abuja and Enugu.
· Buying essential computers and IT equipment.
What They Have Achieved With Very Little Money
· Paid for feasibility studies and due diligence on major projects (like a gas partnership).
· Attended a trade fair in Algeria, which led to a partnership with Afreximbank to revive dead industries in the South East.
· Hosted the South East Vision 2050 stakeholder forum.
· Launched a venture capital programme that has already funded 25 startups in the region.
On Transparency and Next Steps
· They have agreed to hand over all documents (contracts, payment records, approvals) to the Senate Committee.
· The deadline to submit everything is 23 June 2026.
· They are fully cooperating with all oversight bodies and are confident the full records will clear their name.
Source. SEDC PRESS STATEMENT
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