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Treasury Single Account: CBN, AGF Disown Systemspec

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Central Bank of Nigeria, Governor, Godwin Emefiele

*Contract was duly signed and we are yet to collect kobo for our services -Systemspec

Central Bank of Nigeria, Governor, Godwin Emefiele [above], Accountant General of the Federation, Ahmed Idris on Wednesday disowned Systemspec Nigeria Limited (REMITA) saying they have no knowledge of Commission of one percent agreement deducted from Treasury Single Account (TSA).

However, the Managing Director of the Systemspec John Obaro told the committee that there was contractual agreement on deduction of one percent from TSA in which Central Bank of Nigeria was aware of it.

This was stated during the investigative hearing on Abuse and Mismanagement of Treasury Single Account (TSA) by Joint Senate Committees on Finance, Public Account and Banking and other financial institutions.

It was discovered that the committees was in possession of contractual agreement between CBN and SystemSpecs.

Emefiele denial came after he had told the committee that the one percent was shared among the Central Bank of Nigeria, Systemspecs (REMITA) and Deposit Money Banks (DMB). 

He had explained to the committee that Systemspecs will only collect 50 percent of the Commission; Deposit Money Banks will collect 40 percent, while CBN will collect 10 percent.

CBN governor, who was not consistency in his presentation, said he was not sure whether the one percent was approved or not.

In his early presentation, the Accountant General of the Federation said that about N1.8 trillion was remitted into TSA but was corrected by Senator Bayero Nafada corrected the AGF that the documented submitted to the Committee showed N1.9trillion.

The AGF said that the Remita provided the opportunity for each government agency to monitor their account electronically adding that about 47 government agencies have failed to fully comply with the TSA.

Both AGF and CBN governor informed the committee that Systemspec had returned the money deducted from TSA back to the account following directives from President Goodluck Jonathan.

Also, both CBN governor and AGF told the committee that government lack capacity to do e-collection when the contract was signed by government with Systemspec adding that one percent Commission was agreed upon.

AGF said that Systemspec has been providing the services since 2012 for federal government.

In his presentation, Managing Director of Systemspec said, “we have valid contract with CBN. It was set up by CBN, OAGF, we did not charge above agree rate. We are not averse to price renegotiation. Two weeks after refunded our commission from TSA, we were erroneously abused of mismanagement of TSA.”

He said, “Remita is an electronic platform that helps organizations (SMEs, Corporate organisations, Multinationals, State Governments, Government Agencies, NGOs, religious organizations, Resident Associations, Schools & Educational institutions, Hospitals & Health Institutions, Utility Companies, etc.) and Individuals RECEIVE an MAKE PAYMENTS easily.

Remita is a Central Bank of Nigeria (CBN) licensed e-payment platform that makes it very EASY for all types of organizations (Big or small, private or public, profit oriented or NGO, etc.) and individuals RECEIVE and MAKE PAYMENT without any stress.

“Remita is developed 100% in Nigeria by SystemSpecs-Nigeria’s foremost software company to meet international standards.”

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