The House of Representatives has ordered SystemSpecs Ltd, the financial technology company operating the Remita platform, to return over N182 billion to the Federal Government. This follows a forensic audit that revealed major financial shortfalls in the firm’s handling of funds within the Treasury Single Account (TSA) since 2015.
The Public Accounts Committee (PAC) issued this directive during a hearing held in Abuja on Wednesday. The session was convened to review findings from a report presented by Seyi Katola & Company, a firm of chartered accountants hired to conduct a detailed audit of transactions involving TSA service providers.
In 2024, the House had tasked the committee to look into revenue losses and the failure of Ministries, Departments, and Agencies (MDAs) to properly remit funds through the TSA using Remita. The committee’s chairman, Bamidele Salam, noted that the decision to issue the refund order was based on evidence presented by the audit consultants, along with documents submitted by SystemSpecs Ltd and other relevant parties involved in the TSA framework.
The audit report, presented by Dr. Adewale Oyebamiji, managing partner of the consulting firm, detailed several financial lapses. It showed that Remita under-refunded transaction fees by N3.42 billion, failed to pay N101.85 million in acquirer fees, and did not remit over N179.25 billion in collections.
According to the report, the under-refunded transaction fees comprised N993 million in principal and N2.42 billion in interest charges. Similarly, the acquirer fee included N29.6 million in actual fees and N72.2 million in interest. The unremitted collections were broken down into N54.24 billion in unpaid funds and N125 billion in interest.
“The above breakdown amounts to N182,769,245,175.20 refundable by the System specs/Remit,” the report stated.
Chairman Salam announced, “The committee hereby recommends 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.”
He also noted that other deposit money banks, which were part of the TSA system, had already followed similar directives and repaid owed sums. He urged any remaining service providers in the TSA chain who have not yet complied to act without delay.
Salam further noted the critical role of the forensic consultants in exposing the financial irregularities. “Their effort has helped improve transparency and accountability in the management of public funds,” he said.
