Refund N182bn to FG, Reps order Remita

The House of Representatives has ordered financial technology firm, Remita, also known as SystemSpecs Ltd, to refund a total of N182.77bn withheld from the Treasury Single Account since 2015 to the Federal Government 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).

Recall that the House had in 2024 mandated the Committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies through Remita.

During Wednesday’s meeting, the Chairman of the Committee, Bamidele Salam, 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.

According to the report, SystemSpecs was responsible for N3.42bn in under-refunded transaction processing fees, N101.85m in unpaid acquirer fees, and N179.25bn in unremitted collections.

According to the committee’s report 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 N29.60m, interest charges of  N72. 25bn totalling: N101.85m.

In non–non-remittance of collection, Remita is to refund N54.24bn with interest charges of N125bn, totalling N179bn.

A statement issued by the media unit of PAC 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.”

Additionally, 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 so promptly.

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