By Mercy Aikoye
The House of Representatives has ordered Remita, also known as SystemSpecs Ltd, to refund N182.77 billion to the Federal Government. This decision follows a forensic audit that uncovered significant financial discrepancies in the Treasury Single Account (TSA) dating back to 2015.
The Public Accounts Committee (PAC) of the House, chaired by Bamidele Salam, made this directive after receiving a comprehensive investigative report from consulting firm Seyi Katola & Company. The committee’s probe was mandated in 2024 to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) utilizing Remita’s platform.
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.
The committee, therefore, recommended 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.
The PAC has mandated SystemSpecs Ltd to refund the total sum to the Federal Government Asset Recovery Account at the Central Bank of Nigeria. Some deposit money banks have already complied with similar repayment orders, and the committee urges other TSA value chain service providers to follow suit promptly.
Rep. Salam commended the forensic consultants for their thorough and patriotic job, emphasizing that the effort supports transparency and strengthens Nigeria’s fiscal accountability framework. This action underscores the importance of stringent oversight and accountability in managing public funds.
The House of Representatives’ directive highlights the need for financial technology firms operating in the public sector to prioritize transparency and compliance. By refunding the withheld amount, SystemSpecs Ltd will be taking a significant step towards rectifying the financial discrepancies and ensuring accountability in the TSA ecosystem.
