House of Reps orders Remita to refund N182.76bn withheld from TSA

The House of Representatives has directed financial technology firm Remita, also known as SystemSpecs Ltd, to refund N182.76 billion allegedly withheld from the Treasury Single Account (TSA) since 2015.

This decision was handed down on Wednesday by the House Public Accounts Committee (PAC) during a hearing to review the findings of an investigative report submitted by Seyi Katola & Company (Chartered Accountants).

The directive follows a 2024 resolution by the House to probe revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) processed through Remita.

The committee’s chairman, Hon. Bamidele Salam, stated that the resolution was based on evidence submitted by the consultant, documents provided by SystemSpecs/Remita, and other stakeholders within the TSA ecosystem.

The managing partner of the consulting firm, Dr Adewale Oyebamiji, presented the breakdown of the liabilities.

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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, therefore, recommended that; “SystemSpecs Ltd be compelled to refund the total sum of N182,769,245,175.20 to the Federal Government Asset Recovery Account domiciled at the Central Bank of Nigeria (CBN), account number 0020054161191,” the report reads.

The committee also noted that some deposit money banks have already complied with similar repayment orders and called on other TSA value chain service providers who are yet to comply to do so promptly.

The panel’s chairman, Salam, commended the forensic consultants for their thorough and patriotic work, emphasising that the effort supports transparency and strengthens Nigeria’s fiscal accountability framework.