The House of Representatives has ordered financial technology firm SystemSpecs Ltd (Remita) to refund N182.7 billion to the Federal Government after a forensic audit revealed financial discrepancies linked to the Treasury Single Account (TSA) since 2015.
The directive came from the Public Accounts Committee (PAC) following an investigative hearing in Abuja, based on findings submitted by auditing firm Seyi Katola & Company. PAC Chairman,Hon Bamidele Salam, said the order was backed by evidence from the auditors and documents from Remita and other stakeholders in the TSA system.
The audit revealed the following liabilities, Under-refunded transaction processing fees: N3.42 billion, Unpaid acquirer fees: N101.85 million and unremitted collections: N179.25 billion, Totally N182.77 billion. He said the refund is to be paid into the FG’s Asset Recovery Account with the Central Bank of Nigeria (CBN), account number: 0020054161191.
The committee noted that some commercial banks have complied with similar repayment directives and urged other TSA service providers to follow suit. Hon Salam commended the auditors for a “thorough and patriotic” job, saying the investigation promotes transparency and accountability in Nigeria’s public finance system.
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