The House of Representatives has mandated financial technology firm Remita to refund a total sum of N182.77 billion to the federal treasury, following revelations of irregularities in its handling of the Treasury Single Account (TSA) since 2015.
The directive was issued by the House’s Public Accounts Committee during a session in Abuja, based on an investigative audit conducted by Seyi Katola & Company, a financial consultancy firm.
This development follows a 2024 resolution by the House of Representatives tasking the committee with probing revenue leakages and non-remittance of public funds by Ministries, Departments, and Agencies (MDAs) operating through the Remita platform.
The objective of the probe was to uphold accountability and integrity within the TSA structure, a system originally designed to centralise and streamline federal revenue collections.
Chairing the hearing, Representative Bamidele Salam confirmed that the committee’s decision was based on documentary evidence presented by the auditing firm, in addition to submissions from SystemSpecs, the parent company of Remita, and other stakeholders involved in TSA operations.
Dr Adewale Oyebamiji, managing partner of Seyi Katola & Company, presented the audit report, which exposed a series of financial discrepancies.
These include N3.42 billion in under-refunded transaction fees (including N2.42 billion in interest), N101.85 million in unpaid acquirer fees (with N72.25 million in interest), and an enormous N179.25 billion in unremitted collections, of which N125 billion constitutes accrued interest.
The cumulative liabilities total N182,769,245,175.20, an amount the committee has directed SystemSpecs/Remita to pay into the Nigerian government Asset Recovery Account at the Central Bank of Nigeria (CBN), specifically citing account number 0020054161191.
The committee’s report calls for the immediate refund of this amount, asserting that the firm must comply without delay.
It also noted that several deposit money banks had already fulfilled similar obligations in response to previous directives tied to TSA compliance. Other service providers in the TSA chain were urged to act with similar promptness.
Representative Salam lauded the audit’s depth and precision, referring to it as a patriotic exercise that advances the nation’s fiscal discipline. “This investigation exemplifies the commitment to transparency and strengthens Nigeria’s financial management systems,” Salam stated.
Remita, a flagship product of SystemSpecs, serves as a central platform through which government agencies remit funds into the TSA.
While the TSA has been credited with significantly improving public finance management and reducing leakages, the committee’s findings bring to light the persistent challenges of enforcing compliance and the necessity for vigilant oversight.
