The House of Representatives on Wednesday ordered financial technology firm Remita, also known as SystemSpecs Ltd, to refund the federal government N182.76 billion withheld from the Treasury Single Account (TSA) since 2015.
The House Public Accounts Committee (PAC) issued the order at a hearing on submitting an investigative report by consulting firm Seyi Katola & Company (Chartered Accountants).
In 2024, the House mandated the committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita.
The committee’s chairman, Hon. Bamidele Salam, stated that the resolution was based on evidence submitted by the consultant, documents provided by SystemSpecs/Remita, and other stakeholders within the TSA ecosystem.
The managing partner of the consulting firm, Dr Adewale Oyebamiji, presented the breakdown of the liabilities.
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 committee also noted that some deposit money banks have already complied with similar repayment orders and called on other TSA value chain service providers who are yet to comply to do so promptly.
The panel’s chairman, Salam, commended the forensic consultants for their thorough and patriotic work, emphasising that the effort supports transparency and strengthens Nigeria’s fiscal accountability framework.
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