Reps Committee Orders SystemSpecs To Refund N182.7 Billion TSA Funds To FG
The House of Representatives Committee on Public Accounts has revealed significant financial discrepancies in the operations of the Treasury Single Account (TSA) by SystemSpecs Ltd, also known as Remita, since 2015.
The committee has instructed the financial technology firm to refund a total of N182.769 billion, which was withheld from the TSA since 2015, back to the Federal Government.
This directive was issued on Wednesday following the submission of an investigative report by the consulting firm Seyi Katola & Company (Chartered Accountants), which conducted a forensic audit and uncovered the financial discrepancies.
The House had previously mandated the committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita.
Chairman of the Committee, Bamidele Salam (PDP, Osun) said 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.
Presenting the breakdown to the committee, Managing Partner of the consulting firm, Dr. Adewale Oyebamiji said 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%, amount refundable for under-refund of transaction processing stood st N993,006,714.31.
It said further that Interests Charges amounted to N2,423,487,297.60, non-payment of Acquirer fee; Refundable- N29,602,855.67, Interest Charges- N72,247,391.32 ,
non-remittance of collection; Refundable- N54,241,561,948.88, Interest – N125,009,338,967.42 Totaling: N179,250,900,916.30
The total 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.
The House committee therefore asked 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.
