The newly commissioned South East Development Commission (SEDC), led by Dr Mark Okoye, engaged Nigeria’s Sovereign Investment Authority (NSIA) to unlock long-term capital and derisk investments in the region.
The NSIA, which serves as Nigeria’s flagship sovereign wealth fund, aligned with the South East Investment Company (SEIC), the investment arm of the South East Development Commission (SEDC), to structure projects in the region for true bankability.
According to Mark Okoye, the NSIA, led by Aminu Umar-Sadiq, has grown into a diversified sovereign wealth fund with over $3 billion in Assets under management. The two bodies exchanged ideas and discussed how best to work together in carrying out the mission of the SEDC setup by President Bola Tinubu to placate the South East region for years of marginalization.
The SEDC’s funding is drawn from 15% of federal allocations to member states and 3% of oil and mining companies’ budgets.
The commission was created in 2024 to address infrastructural and socio-economic challenges in Abia, Anambra, Ebonyi, Enugu, and Imo States. Its primary focus in the region is post-civil war reconstruction, ecological issues, and sustainable development.
The SEDC is the latest of such commissions, succeeding older commissions like the Niger Delta Development Commission (NDDC) and similar bodies in the South-west and Northern regions of the country.
Recent projects by the SEDC include a 132/33kv electricity project set for imminent inauguration and a framework for further projects in the region.
The South East Development Commission (SEDC) is headquartered in Enugu State with offices in Abia, Anambra, Ebonyi, and Imo. Its structure includes a Governing Board, led by Chairman Chief Emeka Wogu, a Managing Director (Hon. Mark Okoye), and an advisory committee of South-East governors.
