Reps Order Remitta To Refund N182.76bn Withheld From TSA

The House of Representatives on Wednesday ordered financial technology firm Remita to refund a total of N182.76 billion withheld from Treasury Single Account (TSA) since 2015 to the Federal Government.

The Public Accounts Committee of the House issued the order at a hearing on the submission of an investigative report by consulting firm, Seyi Katola & Company (Chartered Accountants).

The House had in 2024 mandated the committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita, also known as SystemSpecs Ltd.

Remita Not Discarded, Integrated Into Treasury Management & Revenue Assurance – OAGF

Hon. Bamidele Salam who is the committee’s chairman stated that the resolution was based on evidence submitted by the consultant, as well as 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 N182,769,245,175.20 to the Federal Government Asset Recovery Account domiciled at the Central Bank of Nigeria (CBN).

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.

Salam commended the forensic consultants for what he described as a thorough and patriotic job, emphasising that the effort supports transparency and strengthens Nigeria’s fiscal accountability framework.