SEDC Debunks Allegation Of Obtaining N25bn ‘Secret’ Loan
The Southeast Development Commission (SEDC) has said it has not obtained a N25 billion loan from any commercial bank as alleged by Association of Igbo Town Unions (ASITU).
ASITU had alleged that SEDC secretly secured a ₦25 billion loan at a 30 percent interest rate from a commercial bank without approvals from the Debt Management Office (DMO) or the National Assembly.
But the SEDC in a Statement made available to Journalists on Monday described the allegation as entirely
false, misleading, and a calculated attempt to distract the Commission’s mandate and early progress.
The SEDC in the Statement entitled “Statement
Re: Alleged N25 Billion ‘Secret’ Loan” said emphatically that it had not obtained any loan facility from any financial institution.
It said since Inauguration on Feb, 11, SEDC had focused on extensive stakeholder engagement with Southeast governors, the organized private sector, civil society organisations, development partners, development finance institutions and the
general public to co-create a strategic roadmap.
It said said roadmap which defined the Commission’s
vision and priority programme would be made public during the 100th day in office of the Commission on May 12 while noting that implementation of 2025 budget had been extended to June 30 by the Senate
It said the SEDC remained committed to transparency, fiscal discipline, and accountability and urged members of the public to disregard unsubstantiated claims but continue to support the Commission’s efforts to deliver sustainable development in the region.
According to the Statement, the attention of the SEDC has been drawn to a report
alleging that the Commission secured a N25 billion “secret” loan from a commercial bank without statutory approvals.
“This claim is entirely
false, misleading, and appears aimed at distracting from the Commission’s mandate and early
progress.
“We wish to state clearly: SEDC has not obtained any loan facility from any financial institution.
“While awaiting the commencement of the 2025 Appropriation Act, the SEDC has focused on laying a strong institutional foundation.
“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,” it said.
The SEDC said if pursued, such a facility would be strictly within the bounds of its approved budget and full compliance with the law with difference to appropriate oversight by the Debt Management Office and other regulatory and supervisory bodies.
It said its actions would be guided by the letters of line the SEDC Act 2024 (as amended).
“Any financing arrangement will be transparently procured and responsibly applied to support early
program rollout, and the launch of our Quick Win agenda – in alignment with the Renewed Hope
Agenda of President Bola Ahmed Tinubu,” it said.
