By Chukwudi Obasi, Abuja
The House of Representatives Public Accounts Committee has directed SystemSpecs Ltd, owners of the financial technology platform Remita, to refund the Federal Government N182.77 bn for funds withheld from the Treasury Single Account (TSA) since 2015.
This resolution followed the submission of a detailed forensic audit report that revealed significant financial discrepancies in the company’s handling of government revenues.
The directive, issued during yesterday’s hearing of the Committee in Abuja, stemmed from an investigation mandated by the House in 2024 to probe revenue leakages and the non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through the Remita platform.
The committee chairman, Bamidele Salam, stated that the decision was based on evidence presented by the auditing firm Seyi Katola & Company (Chartered Accountants), along with documents submitted by SystemSpecs and other stakeholders involved in managing the TSA.
According to the report presented by Dr Adewale Oyebamiji, managing partner of the audit firm, the forensic analysis uncovered multiple layers of liabilities accrued by SystemSpecs over the years.
Among the key findings was a substantial shortfall in refunded transaction processing fees.
The audit determined that the company failed to refund N993,006,714.31 in transaction fees fully. When calculated with interest charges at the prevailing Central Bank of Nigeria (CBN) Monetary Policy Rate of 27.25 per cent, the total liability on this item alone stood at N3.42bn.
Furthermore, the company was found to have neglected to pay acquirer fees amounting to N29,602,855.67. When interest of N72,247,391.32 was applied, the total rose to N101.85m.
The most significant discrepancy, however, involved unremitted collections totalling N54.24bn. The accrued interest of N125bn brought the total liability in that category to N179.25bn.
Altogether, the Committee concluded that SystemSpecs Ltd is liable to refund a sum of N182,769,245,175.20.
In line with this, PAC recommended that the company be compelled to remit the entire amount into the Federal Government Asset Recovery Account domiciled at the Central Bank of Nigeria, with account number 0020054161191.
The Committee also highlighted that some deposit money banks previously implicated in similar issues had already complied with repayment directives.
It urged other service providers in the TSA value chain who are yet to comply to do so without delay.
In his closing remarks, Salam commended the forensic auditors for their diligent and patriotic efforts.
He noted that the investigation and its outcome underscore the House’s commitment to transparency, fiscal discipline, and accountability in the management of public funds.
