Reps order REMITA to refund N182bn withheld from TSA since 2015

The House of Representatives on Wednesday ordered financial technology firm Remita, also known as SystemSpecs Limited to refund a total of N182.769,245,175.20 withheld from Treasury Single Account (TSA) since 2015 to the Federal Government following a forensic audit that uncovered significant financial discrepancies.

The directive was issued by Chairman, House Committee on Public Accounts, Rep. Bamidele Salam, during an investigative hearing in Abuja following the submission of an investigative report by consulting firm Seyi Katola & Company (Chartered Accountants).

It was recalled that the House of Representatives had, in 2024, mandated the Committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita.

Hon. Salam stated that the resolution was based on evidence submitted by the Consultant, as well as documents provided by SystemSpecs/Remita and other stakeholders within the Treasury Single Account (TSA) ecosystem.

The managing partner of the consulting firm, Dr. Adewale Oyebamiji, presented the breakdown of the liabilities.

The audit found that SystemSpecs was responsible for: N3.416,494,011.91 in under-refunded transaction processing fees; N101.850,246.99 in unpaid acquirer fees, and N179.250,900,916.30 in unremitted collections.

According to the Committee’s report on the total payable by the System specs limited for first regime, calculated at the Central Bank of Nigeria’s Monetary Policy Rate (MPR) of 27.25%.

– Under-Refund of Transaction processing fee; Amount Refundable – N993,006,714.31, Interests Charges – N2,423,487,297.60, Totaling: N3,416,494,011.91

The Non-payment of Acquirer fee; Refundable- N29,602,855.67, Interest Charges- N72,247,391.32 Totaling: N101,850,246.99;
– Non-remittance of collection; Refundable- N54,241,561,948.88, Interest – N125,009,338,967.42 Totaling: N179,250,900,916.30

The above breakdown amounts to N182,769,245,175.20 refundable by the System specs/Remit.

“The committee hereby recommends that SystemSpecs Ltd be compelled to refund the total sum of N182,769,245,175.20 to the Federal Government Asset Recovery Account domiciled at the Central Bank of Nigeria (CBN), account number: 0020054161191,” the report reads.

Additionally, the Committee noted that some deposit money banks have already complied with similar repayment orders.

Public Accounts committee called on other TSA value chain service providers who are yet to comply to do so promptly.

Rep. Salam commended the forensic consultants for what he described as a thorough and patriotic job, emphasizing that the effort supports transparency and strengthens Nigeria’s fiscal accountability framework.

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