The House of Representatives has ordered financial technology firm, SystemSpecs Ltd (Remita), to refund a total of N182.77 billion to the Federal Government Asset Recovery Account domiciled at the Central Bank of Nigeria (CBN). The decision follows a forensic audit that uncovered unremitted funds and under-refunded fees since 2015.
The directive was issued by the Public Accounts Committee (PAC) during a hearing on Wednesday in Abuja, based on an investigative report submitted by consulting firm Seyi Katola & Company.
Breakdown of the liabilities includes:
- N3.42 billion in under-refunded transaction processing fees (including interest),
- N101.85 million in unpaid acquirer fees (including interest),
- N179.25 billion in unremitted collections (including interest).
The report emphasized that the total sum of N182,769,245,175.20 must be refunded immediately to the Federal Government through CBN account number: 0020054161191.
Committee Chairman, Rep. Bamidele Salam, praised the consultants for a thorough investigation and urged other TSA service providers who are yet to comply with similar directives to do so promptly. He noted that some deposit money banks have already responded to repayment orders.
The audit is part of ongoing efforts to plug revenue leakages and strengthen Nigeria’s fiscal accountability framework.
