The House of Representatives has directed SystemSpec, owner of the Remita financial payment platform to refund a total of N182.769, 245,175.20 withheld from the federal government’s Treasury Single Account (TSA) since 2015.
The resolution by the House Committee on Public Accounts followed forensic audit which uncovered significant financial discrepancies, as it continued its hearing in Abuja into the submission of an investigative report by consulting firm, Seyi Katola & Company (Chartered Accountants) Wednesday as part of investigation into revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita.
Chairman of the panel, Bamidele Salam, said the audit found that SystemSpecs was responsible for: N3,416, 494, 011.91 in under-refunded transaction processing fees, N101, 850,246.99 in unpaid acquirer fees, and N179, 250,900,916.30 in unremitted collections.
The committee’s report on the total payable by the SystemSpec Limited for first regime, calculated at the Central Bank of Nigeria’s Monetary Policy Rate (MPR) of 27.25 percent, under-refund of transaction processing fee; amount refundable – N993,006,714.31, interests charges – N2,423,487,297.60, totaling: N3,416,494,011.91, and non-payment of acquirer fee; refundable- N29,602,855.67, interest charges – N72,247,391.32 totaling: N101,850,246.99, Non-remittance of collection; refundable- N54,241,561,948.88, 8nterest – N125,009,338,967.42 totaling: N179,250,900,916.30,” the chairman stated.