The House of Representatives has ordered financial technology firm, Remita, also known as SystemSpecs Ltd, to refund a total of N182.77bn withheld from the Treasury Single Account since 2015 to the Federal Government.
The matching order was given by the Public Accounts Committee of the House during a meeting in Abuja,
following a forensic audit by a consulting Chartered Accounting firm that uncovered the discrepancy.
At the Panel’s meeting in Abuja on Wednesday, it’s Chairnan, Bamidele Salam, noted that the resolution was based on evidence submitted by the Consultant, as well as documents provided by Remita and other stakeholders within the TSA ecosystem.
The managing partner of the consulting firm, Adewale Oyebamiji, presented the breakdown of the liabilities.
According to the report, SystemSpecs was responsible for N3.42bn in under-refunded transaction processing fees, N101.85m in unpaid acquirer fees, and N179.25bn in unremitted collections.
Following the committee’s report on the total payable by Remita for the first regime, calculated at the Central Bank of Nigeria’s Monetary Policy Rate of 27.25 per cent, “Under-Refund of Transaction processing fee; Amount Refundable equals N993m, interest charges stand at N2.42bn, totaling N3.42bn.”
Non-payment of the acquirer fee has a refundable amount of N29.60m, interest charges of N72. 25bn totaling: N101.85m.
In non-remittance of collection, Remita is to refund N54.24bn with interest charges of N125bn, totaling N179bn.
Additionally, the committee noted that some deposit money banks have already complied with similar repayment orders.
It called on other TSA value chain service providers who are yet to comply to do so promptly.
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
Recall that the House had in 2024 mandated the Committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies through Remita.
