By Lubem Gena, Abuja
System Specs Ltd which developed the Remita electronic payment platform has been ordered by the Public Accounts Committee (PAC) of the House of Representatives to refund the sum of One Hundred and Eighty-two billion, Seven Hundred and Sixty Nine million, Two Hundred and Forty-Five Thousand, One Hundred and Seventy-five naira, twenty kobo (N182,769,245,175.20).
The resolution was arrived at during the hearing of the committee during which the consulting firm, Seyi Katola & Compnay (Chartered Accountants), who handled the forensic investigation briefed the committee chaired by Representative Bamidele Salam.
The Managing Partner, Dr. Adewale Oyebamiji who also gave a breakdown of the findings announced that the company’s under-refund of transaction processing fee stands at N3,416,494,011.91; non-payment of acquirer fee amount to N101,850,246.99 while non-remittances of collection equals the sum of N179,250,900,916.30.
The report concluded that based on the evidence provided by System Specs Ltd and other value chain service providers, the company was liable and should refund the money to the asset recovery account of the federal government domiciled in the Central Bank of Nigeria (CBN).
“System Specs Limited should refund the sum of N182,769,245,175.20 as follows: the sum of N55,264,171,518.66 being the sum of total underfund on transaction processing fee (N993,006,714.31), non-payment of acquirer fee (N29,602,855.67) and non-remittance of collections (N54,241,561,948.88); the sum of N127,505,073,656.34 being the total interest accrued at the MPR of 27.25% upto October 13, 2025 on under-refund of transaction processing fee (2,423,487,297.60), non-payment of acquirer fee (N72,247,391.32) and non-remittance of collections (N125,009,338,967.42).
Relevant interest charges also applied to the respective amounts on all the transactions which were carried out through the Remita platform.
“System Specs Limited should be compelled to pay the sum of N182,769,245,175.20 to the FGN Asset Recovery Account with CBN (account number:0020054161191)”, part of the report stated.
The report also emphasised that under the circumstances, some deposit money banks have complied with the directives of the PAC to repay the under-refund of the transaction processing fee, all other value chain service providers in the Treasury Single Account (TSA) ecosystem who are yet to comply be compelled to pay the established amount.
Rep. Salam thanked the consultant for the thorough job done which he said has a nationalistic touch since it has added value to the development strides of the nation.
