…Demands thorough investigation, policy blueprint
The Association of Igbo Town Unions (ASITU), the umbrella body of all town unions across Igbo land, hereby issues this press statement to address the alarming and deeply troubling revelations surrounding the South East Development Commission (SEDC), particularly as it concerns the alleged acquisition of a ₦25 billion loan under questionable terms and circumstances.
Over the past 72 hours, multiple media reports have alleged that the Board and Management of the SEDC have surreptitiously secured a loan of ₦25 billion from a commercial bank at an astronomical interest rate of 30%, without the constitutionally required approvals from the Debt Management Office (DMO) and the National Assembly. Disturbingly, despite the public uproar these reports have generated, the SEDC has not offered any clarification or rebuttal. This is an inexplicable silence that speaks volumes.
If these media reports are true, then what has occurred is nothing short of a betrayal of public trust, a violation of due process, and a dangerous attempt to mortgage the future of the South East region under the guise of development. ASITU categorically condemns such action.
Let it be made clear: this is not business as usual. The South East has suffered too long, and we will not sit by while the hope represented by the SEDC is hijacked and sabotaged at inception.
We remind all concerned of the history that birthed the SEDC. The Igbo people endured an unjust and genocidal war from 1967 to 1970 that left over three million of our people dead, millions displaced, and our homeland reduced to rubble. Post-war Nigeria offered us no Marshall Plan—only the insult of the “20 pounds” policy, the injustice of the Abandoned Property edict, and decades of state-sanctioned neglect and marginalization.
It was against this backdrop of historical injury that the SEDC was established in 2024. It was not a gift; it was a moral necessity, a structural intervention to begin to correct decades of injustice. Yet, just months into its formation, the Commission is being dragged into a web of secrecy, impunity, and potentially criminal conduct.
ASITU notes with serious concern that since their appointment, the leadership of the SEDC has not deemed it necessary to convene a meeting of Igbo stakeholders, namely: traditional rulers, town unions, the clergy, academia, private sector leaders, youth, or diaspora, to define a collective vision for the Commission. Instead, we are now confronted with allegations of a backroom loan agreement that raises the following unanswered questions:
1. Who authorized the loan?
2. What projects is it tied to?
3. Under what conditions will it be repaid?
4. Who are the beneficiaries?
5. Why was due process ignored?
To be clear, a 30% interest loan in any development context is predatory. For a new institution intended to serve a historically marginalized region, it is disastrous. It threatens to derail the very development the SEDC was meant to catalyze.
We also ask: what grand vision has the Commission unveiled to justify any borrowing? 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?
Why are we not discussing a South East Tech Valley, a hub for innovation that harnesses the brilliance of our youth, partners with global tech giants, and builds a future of jobs and relevance in the digital economy?
Instead, we are confronted with a loan shrouded in secrecy, negotiated without transparency, and apparently tied to no clear development strategy. This is unacceptable.
Accordingly, ASITU demands the following:
1. Immediate and transparent investigation by the Presidency and the National Assembly into the alleged loan transaction. If the allegations are found to be true, those involved must be sanctioned in accordance with the law.
2. Urgent convocation of a South East Development Summit, at which the Commission must publicly present its vision, financial standing, and proposed projects to the region. The people must be consulted before any major decisions are taken.
3. Establishment of a Stakeholders Advisory Council for the SEDC. This council should include representatives of town unions, traditional institutions, academia, youth, women groups, the clergy, private sector, and diaspora. It will serve as a watchdog and consultative body to ensure accountability and alignment with regional aspirations.
4. Adoption of a Zero-Tolerance Anti-Corruption Policy, with independent auditors, real-time public disclosure of financial transactions, and civil society oversight of project implementation.
5. Reorientation of the Commission’s development focus around four strategic pillars: infrastructure, innovation, education, and cultural renaissance, pursued not as isolated projects but as part of a cohesive, community-driven regional strategy.
6. Launch of a Moral Reorientation Campaign to revive the core Igbo values of integrity, hard work, accountability, and self-help; values that must define the culture of the SEDC and all its engagements.
ASITU reiterates: the South East is not just in need of development, it is in need of justice, healing, and a credible future. We will not allow the SEDC to fall into the hands of opportunists and political merchants who see public office as a platform for personal gain.
To this end, we shall mobilize our communities, sensitize our people, and engage national and international institutions to ensure that this Commission works; not for the few, but for all. We will remain eternally vigilant.
We call on all lovers of truth, justice, and good governance to stand with us. The SEDC must be rescued from the shadows and returned to the light of public accountability. This is a historic responsibility. We dare not fail.
Signed:
Chief Emeka Diwe
National President
Association of Igbo Town Unions (ASITU)
May 10, 2025
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