The House of Representatives has directed Remita (SystemSpecs Ltd) to refund a total of N182.77 billion to the Federal Government of Nigeria, following findings from a forensic audit that revealed withheld funds from the Treasury Single Account (TSA) since 2015.
The directive was issued on Wednesday by the Public Accounts Committee (PAC) during a meeting held in Abuja. The decision followed the submission of an investigative report by Seyi Katola & Company, a chartered accounting firm commissioned to probe revenue leakages and non-remittance of TSA funds by government agencies and fintech platforms.
Chairman of the Committee, Hon. Bamidele Salam, stated that the resolution was based on credible evidence from SystemSpecs, the consultant, and other TSA stakeholders.
According to the audit report presented by Dr. Adewale Oyebamiji, Managing Partner of the consulting firm, the breakdown of Remita’s liabilities includes:
- N3.42 billion in under-refunded transaction processing fees
- N101.85 million in unpaid acquirer fees
- N179.25 billion in unremitted collections
The report further detailed that under the Central Bank of Nigeria (CBN) monetary policy rate of 27.25%, Remita’s obligations break down as follows:
- Under-refunded processing fees: N993 million (principal) + N2.42 billion (interest)
- Unpaid acquirer fees: N29.60 million + N72.25 million interest
- Unremitted collections: N54.24 billion + N125 billion interest
In total, Remita is expected to refund N182.77 billion into the Federal Government Asset Recovery Account domiciled at the CBN (Account Number: 0020054161191).
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A statement from the PAC’s media unit confirmed the committee’s recommendation, urging SystemSpecs Ltd to comply promptly. The PAC also commended some deposit money banks for already adhering to similar refund directives and urged other TSA service providers yet to comply to do so without delay.
Hon. Salam praised the forensic consultants for what he called a “thorough and patriotic job,” emphasizing that the audit promotes transparency, fiscal discipline, and strengthens Nigeria’s accountability framework.
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