The scrutiny came during an investigative hearing by the Senate Committee on South East Development Commission, amid growing concerns over transparency in the utilisation of funds released to the relatively new regional development agency created to drive infrastructure and economic recovery in the South East.

SEDC was established on July 24, 2024, following President Bola Tinubu’s assent to the South-East Development Commission (Establishment) Bill, creating a dedicated regional development agency for the five South-East states.

Meanwhile, the committee, chaired by Senator Orji Kalu, raised serious objections to several items in the commission’s financial report, including ₦153m reportedly spent on renting a single-room liaison office in Abuja and another ₦2.5bn categorised as “implied expenditure.”

Trouble began when committee members reviewed the financial documents submitted by the SEDC leadership during the session, prompting immediate questions over how the ₦16.6bn released from the federal budget had been managed.

A visibly dissatisfied Kalu said preliminary findings from engagements with the Central Bank of Nigeria indicated that only ₦13bn remained from the initial ₦16.6bn disbursed to the commission in December last year, implying that about ₦3.6bn had already been spent without clear justification.

He said,

“This committee is disappointed with the financial report given, which is completely unacceptable.”

Other lawmakers on the committee, including Senators Enyinnaya Abaribe, Victor Umeh and Austin Akobundu, also expressed dissatisfaction with the presentation, describing key components of the report as inadequate and lacking transparency.

However, Okoye defended the commission’s expenditure, insisting that all funds so far utilised were deployed judiciously in line with priority projects and procurement realities.

He said,

“Our approach has been to ensure that available resources are directed towards priority projects. We want allocations to guide the procurement process so that contracts awarded can be backed by available funding.

“What we want to avoid is a situation where contracts are awarded without the financial capacity to execute them. For example, having a budget of N140bn does not automatically mean that N140bn in cash is available.

“It would be irresponsible to award contracts worth the entire budget if only N10 billion or N20 billion has actually been released. Doing so would create unfunded liabilities and a significant financial deficit”

Despite his explanation, the committee rejected the submission as insufficient and ordered the commission to return with detailed documentation.

Consequently, the panel directed the SEDC to submit comprehensive records, including contract details, payment schedules, and all supporting documents no later than the 23rd of this month.

“By the 23rd, we want to have the complete documentation. Once we receive and review the documents, we will determine the date for your next appearance before the committee,” he said.

The Chairman thereafter adjourned the session, stressing that the Senate expects full compliance and complete disclosure before further consideration of the commission’s financial operations.

The selected startups by SEDC emerged from over 1,200 applications submitted by technology-enabled ventures across the South East, following a rigorous multi-stage screening and evaluation process conducted under the program’s Accelerator and Incubation tracks.

According to the Commission, the finalists will participate in an intensive bootcamp focused on pitch-readiness and investment preparedness ahead of the competition’s Finals Day scheduled for May 25, 2026, at the International Conference Center in Enugu.

During the finale, the startups will present their business ideas before a panel of investors, venture capital experts, and industry professionals, with 30 ventures expected to secure structured investment commitments and admission into a post-investment incubation and acceleration programme.

SEDC described the initiative as part of broader efforts to build a sustainable venture capital ecosystem in the South East by connecting emerging businesses with investors, institutional partners, and development finance stakeholders.

The Commission noted that the programme aligns with the Federal Government’s Renewed Hope Agenda, which prioritises innovative financing mechanisms aimed at supporting local startups and boosting investor confidence in Nigeria’s economy.

An Investment Ceremony is also scheduled for May 26, where successful ventures will formally receive investment support in the presence of public officials, financing partners, and stakeholders from Nigeria’s innovation ecosystem.

SEDC said the programme is designed to drive inclusive economic growth, encourage innovation, and unlock private capital across Abia, Anambra, Ebonyi, Enugu, and Imo states.

The Commission further called on entrepreneurs, investors, corporate organisations, academic institutions, and members of the public to participate in the event, describing it as a major platform for regional economic transformation and startup development.

From a competitive pool of over 1,200 applications, the selected startups represent a new wave of founders building tech-driven solutions across key sectors of the South-East economy.

Breakdown: 128 Early-Stage, 82 Growth-Ready Startups

SEDC revealed that 128 startups were selected for the Incubator Track, targeting early-stage innovators, while 82 made it into the Accelerator Track, reserved for startups with proven traction and scaling potential.

Rigorous Selection, High-Stakes Criteria

The Commission said entries were screened using strict benchmarks including problem-solution fit, market opportunity, execution strength, and innovation depth. Startups in the accelerator category were further assessed on revenue performance and growth metrics.

Next Stop: Video Pitches and Final Showdown

Shortlisted startups will now advance to a video pitch phase, where founders will be evaluated on clarity of vision, leadership strength, and scalability.

The programme will culminate in a grand finale on May 25, 2026, where top-performing startups will secure funding and gain access to mentorship, partnerships, and post-investment support.

Driving a Regional Innovation Surge

SEDC says the initiative is part of a broader strategy to unlock venture capital, strengthen the startup pipeline, and position the South-East as a leading hub for digital innovation.

With funding, structure, and visibility on the line, the programme could prove pivotal in closing early-stage financing gaps and accelerating the rise of globally competitive startups from the region.

This, according to him, is critical if the South Eastern region of the country is to unlock its long-term development agenda under the South-East Vision 2050 (S8V2050).

Alawuba made the call while delivering a goodwill remark at the South-East Vision 2050 Regional Stakeholder Forum which was held at the International Conference Centre, Enugu on Wednesday.

The multi-day forum was convened by the South-East Development Commission (SEDC) in collaboration with the Office of the Vice President, the Ministry of Regional Development and the South-East State Governments, to build consensus around a shared development pathway for the region and advance implementation-ready interventions aligned with national priorities.

Speaking in his capacity as GMD/CEO as well as the Chairman of the Body of Banks’ CEOs and on behalf of Corporate Nigeria, Alawuba identified peace and security as the most urgent requirement for attracting investment into the region, noting that safety remains the first signal investors assess before committing capital.

“The first thing the South-East needs is peace. It is an established fact, world over, that investments flow in the direction of safety,” Alawuba stated, urging state governments and regional leaders to sustain coordinated efforts to secure lives, assets and infrastructure.

He also challenged stakeholders to adopt a results-driven partnership model between government and the private sector; just as he noted that the success of the South-East Vision 2050 will largely depend on the region’s ability to articulate and package clear, measurable and value-adding projects capable of attracting long-term capital.

“Vision alone is not enough. The South-East must present specific, bankable projects with defined impact – projects that can unlock investment, create jobs and deliver real improvements in the lives of our people,” Alawuba stated.

The Forum brought together prominent Nigerians from across government and the private sector, including His Excellency, Senator Kashim Shettima, GCON, Vice President of the Federal Republic of Nigeria, Governors of the South-East States (Imo, Abia, Anambra, Ebonyi and Enugu), Distinguished Senators and Honourable Members of the House of Representatives.

Other key participants included the Honourable Minister of Regional Development, the Chairman, Board Members and Management of SEDC, Royal Fathers and members of the clergy, members of the Diplomatic Corps, captains of industry, and development partners.

The UBA CEO took time to commend the South-East Governors for visible progress in road construction and other critical facilities across the region, while calling for accelerated delivery at scale.

He said,

“Infrastructure is the bedrock of development,” he said. “We have seen improvements, but a little bit more is required such as reliable power, motorable roads, rail, water and connectivity to remove the bottlenecks that limit productivity and competitiveness.”

While stressing the importance of creating a truly investor-friendly business environment and unlocking diaspora capital to drive inclusive growth, he added that “Capital will always respond to predictability, ease of doing business and confidence. If we get the fundamentals right, Corporate Nigeria and the banking industry will rally round to finance viable projects, support SMEs, create jobs for our youth and mobilize long-term capital to make South-East Vision 2050 a reality.”

He seized the opportunity to reaffirm UBA’s readiness to partner the SEDC and South-East State Governments, as he noted that the Vision 2050 framework will be strengthened by private-sector participation and long-term capital mobilization to ensure it remains credible and investable.

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