From Jude Chinedu, Enugu
The Association of Igbo Town Unions (ASITU) has condemned the South East Development Commission (SEDC) over allegations that it secretly secured a ₦25 billion loan at a 30% interest rate from a commercial bank without approvals from the Debt Management Office (DMO) or the National Assembly.
In a statement issued on Sunday by National President Chief Emeka Diwe, ASITU warned that the SEDC risks becoming “a cesspool of corruption” if unaddressed.
“Over the past 72 hours, multiple media reports have alleged that the Board and Management of the SEDC have surreptitiously secured a loan of N25 billion without the constitutionally required approvals,” the statement read.
“Disturbingly, despite the public uproar… the SEDC has not offered any clarification or rebuttal.” ASITU called the alleged move a “betrayal of public trust” and a “violation of due process”, questioning the loan’s authorisation, projects, repayment terms, and beneficiaries.
ASITU criticised the SEDC’s lack of stakeholder engagement, noting no meetings with Igbo leaders, traditional rulers, or youth to define a vision. They described the 30% interest rate as “predatory” and “disastrous”, threatening the region’s development.
“Where is the regional development blueprint? Where are the legacy projects, such as a South East Railway Grid, an Integrated Superhighway Network, or the long-envisioned South East Seaport?” Diwe asked.
The group issued six demands: an immediate investigation by the Presidency and National Assembly, a South East Development Summit to present SEDC’s plans, a stakeholders’ advisory council, a zero-tolerance anti-corruption policy with public audits, a focus on infrastructure and innovation, and a campaign to restore Igbo values. “We will mobilise our communities… to ensure that this Commission works, not for the few, but for all,” Diwe said.