A Lagos-based financial technology company, SystemSpecs, finds itself at the center of scrutiny as its flagship platform, Remita, becomes the subject of a Senate investigation. This development arises from allegations surrounding its role in managing the Treasury Single Account (TSA) and its associated revenue.
The TSA, managed by the Central Bank of Nigeria (CBN), consolidates government revenue—taxes, fines, and charges from federal ministries, departments, and agencies (MDAs)—into a single account. This approach aligns with the Nigerian Constitution’s provision requiring all government revenue to be centralized. Remita facilitates the transfer of these funds from commercial banks to the TSA.
The controversy began when Senator Dino Melaye claimed during a Senate session that Remita was earning as much as ₦25 billion monthly as transaction fees.
He also raised questions about the legality of the platform collecting government revenue, given its status as a private entity.Remita charges a 1% fee on transactions processed through its platform. However, SystemSpecs CEO John Obaro refuted the senator’s claim, describing it as an exaggerated misrepresentation of the platform’s revenue.
“We are talking about one percent, not ₦25 billion. Even at the beginning of the TSA, the estimated total movement of funds into the account was ₦1.2 trillion,” Obaro stated in response.
The 1% transaction fee is not exclusive to Remita. According to the TSA agreement, the fee is shared:
50% goes to SystemSpecs,
40% to the commercial banks,
10% to the CBN.
Before the Senate’s motion for investigation, SystemSpecs reportedly refunded its share of the TSA fees—approximately ₦3.5 billion—after receiving a directive from the CBN. This move, according to Obaro, was intended to facilitate renegotiation of the agreement’s terms.
Critics have questioned the motives behind the Senate investigation. Some suggest the inquiry is politically motivated, while others highlight discrepancies in the senator’s claims. Observers have also drawn comparisons to alleged revenue-related controversies involving other entities, including historical accusations against Alpha Beta, a firm linked to a prominent political figure.
Despite the inconsistencies in the revenue figures presented, Senator Melaye has stood by his claims, further fueling the debate over transparency and accountability in the TSA’s operations.
