The House of Representatives has mandated financial technology firm Remita to refund a total of N182.77 billion to the federal government after a forensic audit revealed unremitted funds to the Treasury Single Account dating back to 2015.
This directive came when the public accounts committee of the House uncovered a discrepancy after the submission of the investigative report by consulting firm Seyi Katola & Company (Chartered Accountants).
The House had earlier mandated the committee to investigate revenue leakages and non-remittance of funds by ministries, departments, and agencies through Remita in 2024.
During a meeting held on Wednesday, 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 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 N3.42 billion in under-refunded transaction processing fees, N101.85 million in unpaid acquirer fees, and N179.25 billion 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 percent, “Under-Refund of Transaction Processing Fee; Amount Refundable—N993m, Interest Charges—N2.42bn, totaling N3.42bn.” Non-payment of the acquirer fee has a refundable amount of N29.60m and interest charges of N72.25bn, totaling N101.85m.
In non-remittance of collection, Remita is to refund N54.24 billion with interest charges of N125 billion, totaling N179 billion.
A statement issued by the media unit of PAC reads, “The committee recommends that SystemSpecs Ltd. be compelled to refund the total sum of N182.77 billion 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.
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