The House of Representatives has issued a firm directive to financial technology firm Remita (SystemSpecs Ltd), demanding the immediate refund of N182.77 billion to the Federal Government. This order follows a meticulous forensic audit that uncovered significant discrepancies within the Treasury Single Account (TSA) dating back to 2015.
The Public Accounts Committee (PAC) of the House, chaired by Bamidele Salam, made this decisive move after receiving a comprehensive investigative report from consulting firm Seyi Katola & Company (Chartered Accountants). This action stems from a 2024 mandate given to the committee to probe revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) utilizing Remita’s platform.
“The resolution is based on solid evidence submitted by the Consultant, alongside documents provided by SystemSpecs/Remita and other stakeholders within the TSA ecosystem,” stated Chairman Salam during the meeting in Abuja.
Key Findings and Financial Breakdown
The managing partner of Seyi Katola & Company, Dr. Adewale Oyebamiji, presented a detailed breakdown of the liabilities. The audit revealed that SystemSpecs is responsible for:
- Under-refunded Transaction Processing Fees: N3.42 billion (including interest charges).
- Unpaid Acquirer Fees: N101.85 million (including interest charges).
- Unremitted Collections: N179.25 billion (including interest charges).
The committee’s report, which factored in the Central Bank of Nigeria’s Monetary Policy Rate of 27.25 percent, detailed the significant interest accruals on the principal amounts. “These figures represent a substantial financial discrepancy that requires immediate rectification,” said a representative from the PAC.
Call for Compliance and Accountability
The PAC has mandated that SystemSpecs Ltd. refund the total sum of N182.77 billion to the Federal Government Asset Recovery Account domiciled at the Central Bank of Nigeria (account number: 0020054161191). The committee also highlighted that some deposit money banks have already complied with similar repayment orders, urging other TSA value chain service providers to follow suit promptly.
“We commend the forensic consultants for their thorough and patriotic job,” remarked Chairman Salam, emphasizing the committee’s commitment to transparency and strengthening Nigeria’s fiscal accountability framework. “It’s vital that all parties involved in the TSA ecosystem adhere to the highest standards of financial probity.”
This action by the House of Representatives underscores the importance of stringent oversight and accountability in the management of public funds. It also serves as a reminder to all financial technology firms operating within the public sector that transparency and compliance are non-negotiable. As citizens, we rely on these systems to ensure that our tax money is used correctly, and it is the job of the house of representatives to help ensure that.
