AWKA, NIGERIA — The Association of Igbo Town Unions (ASITU), the apex body representing all town unions across the Igbo-speaking region, has issued a strongly worded press statement expressing deep concern over allegations of a secret N25 billion loan acquired by the South East Development Commission (SEDC).

ASITU warned that the commission must not become a “cesspool of corruption” and demanded a thorough investigation and the establishment of a clear policy blueprint.

 

In a statement signed by its National President, Chief Emeka Diwe, ASITU highlighted multiple media reports over the past 72 hours alleging that the SEDC’s board and management had surreptitiously secured the substantial loan from a commercial bank at an “astronomical” 30% interest rate.

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The association pointed out the alleged lack of constitutionally required approvals from the Debt Management Office (DMO) and the National Assembly.

 

ASITU expressed deep unease over the SEDC’s silence in the face of these serious allegations. “This is an inexplicable silence that speaks volumes,” the statement noted.

“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.”

The association provided a historical context for the establishment of the SEDC, emphasizing the suffering endured by the Igbo people during and after the Nigerian Civil War. They stressed that the commission was not a “gift” but a necessary intervention to address decades of neglect and marginalization.

 

ASITU lamented that just months after its formation in 2024, the SEDC is now embroiled in allegations of secrecy and potential malfeasance.

ASITU raised several critical unanswered questions regarding the alleged loan, including who authorized it, what projects it is tied to, the repayment conditions, the beneficiaries, and why due process was seemingly ignored.

The association deemed a 30% interest rate “predatory” and “disastrous” for a new institution meant to serve a historically marginalized region.

 

Furthermore, ASITU questioned the SEDC’s developmental vision, noting the absence of a regional blueprint or discussions about significant projects like a South East Railway Grid, an Integrated Superhighway Network, or a South East Seaport.

They also inquired about initiatives to foster innovation and technological advancement in the region.
In response to these concerns, ASITU put forth a series of demands:

•  Immediate and transparent investigation by the Presidency and the National Assembly into the alleged loan transaction, with sanctions for any wrongdoing.
• Urgent convocation of a South East Development Summit for the SEDC to publicly present its vision and financial status.
• Establishment of a Stakeholders Advisory Council comprising representatives from various Igbo groups to ensure accountability.
• Adoption of a Zero-Tolerance Anti-Corruption Policy with independent audits and public disclosure of financial transactions.
• Reorientation of the SEDC’s focus around infrastructure, innovation, education, and cultural renaissance as part of a cohesive regional strategy.
• Launch of a Moral Reorientation Campaign to promote core Igbo values within the SEDC and its operations.

 

ASITU vowed to mobilize communities and engage national and international institutions to ensure the SEDC serves the interests of the entire South East region.

“We will remain eternally vigilant,” the statement concluded, calling on all advocates of good governance to join their cause.