The House of Representatives has ordered financial technology firm, Remita, also known as SystemSpecs Ltd, to refund a total of N182.77 billion to the federal government.
The said amount, according to the House, was withheld from the Treasury Single Account (TSA) since 2015 and uncovered following a forensic audit that uncovered the discrepancy.
The Public Accounts Committee of the House gave the directive on Wednesday during a meeting in Abuja, following the submission of 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 (MDA) through Remita.
Chairman of the Committee, Bamidele Salam, at the meeting on Wednesday, 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.
Presenting a breakdown of the liabilities, managing partner of the consulting firm, Adewale Oyebamiji, said SystemSpecs was responsible for N3.42 billion in under-refunded transaction processing fees, N101.85 million in unpaid acquirer fees, and N179.25 billion in unremitted collections.
The report further showed that on the total payable by Remita for the first regime, calculated at the Central Bank of Nigeria’s Monetary Policy Rate of 27.25 per cent, “Under-Refund of Transaction processing fee; Amount Refundable – N993m, interest charges – N2.42bn, totalling N3.42bn.”
Non-payment of the acquirer fee has a refundable amount of N29.60 million, interest charges of N72.25 billion totalling: N101.85 million.
In non-remittance of collection, Remita is to refund N54.24 billion with interest charges of N125 billion, totalling N179 billion.
A statement issued by the media unit of the public accounts committee on Wednesday read, “The committee recommends that SystemSpecs Ltd be compelled to refund the total sum of N182.77bn to the Federal Government Asset Recovery Account domiciled at the Central Bank of Nigeria, account number: 0020054161191.”
The committee noted that some deposit money banks have already complied with similar repayment orders.
The public accounts committee called on other TSA value chain service providers who are yet to comply to do accordingly.
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.
