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The House of Representatives Public Accounts Committee (PAC) has directed Remita to refund a total of ₦182.77 billion to the Federal Government. This is a fallout of allegations of non-remittance and revenue leakages tied to the Treasury Single Account (TSA) since 2015. Remita is Nigeria’s leading electronic payment platform,
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A flagship brand of SystemSpecs Holdings Limited (SHL), Remita is a major financial technology service provider in Nigeria. It is operating alongside subsidiaries such as Remita Payment Services Limited (RPSL), HumanManager Limited, and SystemSpecs Technology Services Limited (STSL).
The directive was issued during a public hearing in Abuja, following the submission of a forensic audit report conducted by Seyi Katola & Company (Chartered Accountants). The investigation was part of the House’s broader probe into revenue leakages and fund diversion by Ministries, Departments, and Agencies (MDAs) via the TSA platform.
Key Findings of the Forensic Audit
The report presented by Mr. Adewale Oyebamiji, Managing Partner of the auditing firm, detailed the financial breakdown of funds allegedly withheld by SystemSpecs, as follows:
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Under-refunded Transaction Processing Fees:
Refundable – ₦993,006,714.31
Interest Charges – ₦2,423,487,297.60
Total: ₦3,416,494,011.91 -
Non-Payment of Acquirer Fees:
Refundable – ₦29,602,855.67
Interest Charges – ₦72,247,391.32
Total: ₦101,850,246.99 -
Non-Remitted Collections:
Refundable – ₦54,241,561,948.88
Interest Charges – ₦125,009,338,967.42
Total: ₦179,250,900,916.30
Grand Total Refund Due:
₦182,769,245,175.20
The interest rates were computed using the Central Bank of Nigeria (CBN) Monetary Policy Rate (MPR) of 27.25%.
House Committee Ruling and Recommendations
The PAC, led by Chairman Bamidele Salam, recommended that the total sum of ₦182.77 billion be refunded by SystemSpecs Ltd into the Federal Government Asset Recovery Account at the CBN (Account No: 0020054161191).
Salam praised the audit team’s patriotic efforts and reiterated the committee’s commitment to fiscal transparency and public accountability.
“This is a significant step in our fight against financial leakages in public revenue systems. We urge all value chain service providers in the TSA ecosystem to comply without delay,” he said.
The committee also noted that several deposit money banks had already complied with similar directives. It emphasized the importance of compliance across all financial service providers.
