The House of Representatives has ordered leading financial technology firm, SystemSpecs Ltd—owners of the Remita platform—to remit a total of N182.77 billion back to the coffers of the Federal Government. This directive followed revelations from a forensic audit that exposed significant discrepancies in the handling of funds within the Treasury Single Account (TSA) since 2015.
The directive was issued on Wednesday in Abuja by the House Committee on Public Accounts, chaired by Hon. Bamidele Salam, during a session that deliberated on the findings submitted by audit consultants, Seyi Katola & Company (Chartered Accountants). The committee’s action stemmed from a resolution passed in 2024, mandating an investigation into revenue leakages and non-remittances by Ministries, Departments, and Agencies (MDAs) through the Remita payment gateway.
Presenting the audit report, the managing partner of the consulting firm, Dr. Adewale Oyebamiji, provided a detailed breakdown of the liabilities linked to SystemSpecs. According to the findings, the company is responsible for failing to refund transaction processing fees in full, non-payment of acquirer fees, and non-remittance of certain collections.
The breakdown shows that SystemSpecs is to repay N3.42 billion in under-refunded transaction processing fees—comprising N993 million in principal and N2.42 billion in interest accrued at the Central Bank of Nigeria’s Monetary Policy Rate (MPR) of 27.25 per cent. Additionally, it is expected to refund N101.85 million for unpaid acquirer fees, made up of N29.60 million in the base amount and N72.25 million in interest charges.
Most significantly, the audit revealed that Remita withheld N54.24 billion in collections that were never remitted to the TSA, with interest charges amounting to N125 billion. This brings the total owed in this category to N179.25 billion.
Following these revelations, the House committee resolved that SystemSpecs Ltd be compelled to pay the full amount of N182.77 billion into the Federal Government Asset Recovery Account domiciled with the Central Bank of Nigeria (Account Number: 0020054161191).
A statement released by the Public Accounts Committee’s media unit reaffirmed the committee’s stance, noting that the directive was based on verifiable evidence provided by the consultants and corroborated by documents submitted by Remita, the Central Bank of Nigeria, and other actors within the TSA ecosystem.
Chairman Salam commended the diligence and patriotism of the audit firm, describing their work as crucial in the collective effort to uphold transparency and enforce accountability in the management of public funds.
He further disclosed that some commercial banks previously involved in the TSA implementation have already complied with similar refund directives. He urged other service providers in the TSA value chain who are yet to refund identified liabilities to do so without delay.
The move by the House forms part of an intensified drive to plug financial leakages and enforce fiscal discipline in the management of national revenue, aligning with the broader reform agenda of the National Assembly.
