The Southeast Development Commission (SEDC) has come out to strongly deny reports that it secretly borrowed ₦25 billion from a commercial bank. According to the story making rounds, the loan was taken without legal approval and carried a very high interest rate. But SEDC says the claims are completely false.

In a statement released by the Commission’s management, they described the report as not only untrue but also misleading. The statement said that the goal of such stories may be to distract the public and disrupt the progress the Commission is trying to make. SEDC clearly stated that it has not collected any loan from any financial institution.

SEDC explained that its current focus is on building a strong base that will help it carry out its responsibilities effectively. The Commission has also been working closely with stakeholders in the Southeast region. Their goal is to make sure the public understands and supports what the Commission stands for. Right now, they are working on setting up the right systems, partnering with government agencies, and planning projects to ensure they are ready when it’s time to start full operations.

The Commission also added that since the Board was officially set up about three months ago, they have been engaging with various groups and individuals in the region. SEDC said it would continue to search for lawful and transparent funding options for small, fast-impact projects. Any short-term financial arrangements they make in the future will follow all legal rules and be overseen by agencies like the Debt Management Office. These efforts are part of supporting President Tinubu’s Renewed Hope Agenda.