On Monday, the Southeast Development Commission (SEDC) issued a statement denying allegations that it secured a ₦25 billion ‘secret’ loan from a commercial bank without statutory approvals.
A report published by The Sun Newspaper on Sunday, May 11, 2025, made the allegations.
However, SEDC management stated in a statement that the claim was entirely false and misleading and appeared to be aimed at distracting from the Commission’s mandate and early progress.
It emphasized that the Commission has not obtained any loan facility from any financial institution.
The Commission’s management said that since the inauguration of its Board on February 11, 2025, the Commission has focused on extensive stakeholder engagement, including Southeast Governors, the Organized Private Sector, Civil Society Organizations, Development Partners, Development Finance Institutions (DFIs), and the general public.
It noted that this was to co-create a strategic roadmap, which defines the Commission’s vision and priority programs and will be published to commemorate the Commission’s 100th day in office.
The statement read, “The public may recall that the Nigerian Senate extended the implementation of the 2024 Budget to June 30, 2025. While awaiting the commencement of the 2025 Appropriation Act, the SEDC has focused on laying a strong institutional foundation.
“Key priorities during this period include institution building, deepening stakeholder engagement, strengthening collaboration with relevant Ministries, Departments, and Agencies (MDAs), and advancing the design and planning of projects and programs, all to ensure the Commission is fully prepared for effective and timely execution once implementation begins.
“In line with its developmental mandate, SEDC has and continues to explore various financing options, including preliminary discussions around a potential short-term bridge facility.
“If pursued, such a facility would be strictly within the bounds of our approved budget, fully compliant with the law, and subject to appropriate oversight, including by the Debt Management Office (DMO) and other critical regulatory and supervisory bodies in line with the SEDC Act 2024 (as amended).”
The SEDC insisted that any financing arrangement will be transparently procured and responsibly applied to support early program rollout and the launch of its Quick Win agenda, in alignment with President Bola Tinubu’s Renewed Hope Agenda.
It remains fully committed to transparency, fiscal discipline, and accountability. It urges the public to disregard unsubstantiated claims and continue to support the Commission’s work to deliver sustainable development in the Southeast.
