The Southeast Development Commission, SEDC, has refuted allegations that it borrowed twenty-five billion Naira from a commercial bank without due process and statutory approvals. The loan, which was reported to have been borrowed in secret, was said to have an outrageous interest rate. Reacting to this report, SEDC dismissed it as false in entirety.
In a statement signed by the Commission’s management, the allegations were dismissed as false and misleading. “This claim is entirely false, misleading, and appears aimed at distracting the Commission’s mandate and early progress”, a part of the statement reads. The statement clarified that “SEDC has not obtained any loan facility from any financial institution.”
According to the statement signed by the SEDC management, the Commission is focused on building a formidable foundation and creating structures that would be useful for the Commission in the pursuit and fulfillment of its mandate. The Commission has also extensively engaged with Southeast stakeholders to enable a public buy-in into the Commission’s mandate. “SEDC has focused on laying a strong institutional foundation. Key priorities during this period include institutional building, deepening stakeholder engagement, strengthening collaboration with relevant Ministries, Departments, and Agencies (MDAs), and advancing the design and planning of projects and programmes – all to ensure the Commission is fully prepared for effective and timely execution once implementation begins.”
The SEDC management further stressed that since the Board was inaugurated about three months ago, the Commission has been busy with “extensive stakeholder engagement.” The statement further assured that SEDC would continue to transparently explore funding options for “Quick Win” in line with President Tinubu’s Renewed Hope Agenda. The funding option, the management hinted, includes “short-term bridge facility” and in that instance, such would be in full compliance with the law and oversight by relevant authorities like the Debt Management Office.