doctokwus:

Possible. With the new arrangement in town, avenues of siphoning funds by senators, like bogus constituency allowances and getting contracts from ministers are reduced to the barest minimum if not entirely eliminated.The likes of Dino cud have tried blackmailing the owner of the company, to play ball or he exposes "the fraud".Of course with the polluted political climate, its always easy to get one or two news media who don't bother to investigate and do not have basic journalism ethics,to air one's polluted views, as long as u drop some brown envelope and it serves their own political interests.

9jatriot:
WE still owe Dino Melaye a lot of appreciation for bringing the public to the notice of such a contract signed with SystemSpecs. Without his alarm, those guys would have been smiling to the bank without any more work being done. However, I do not think SystemSpecs is to blame in any of these, the onus was on the government to have either outrightly bought the software or negotiated a better deal with a time frame to eventually own the software. Another arrangement would have been an annual service charge. However I am making all these suggestion because I am not one of the owners of the company, with this kind of contract in place, I for just de sleep for one country and wake up for another one

mickey45:
This might be from pure altruism and political sense of national responsibility as. Lawmaker.
Except these days, when political office holders become whistle-blowers, something is usually likely hiding somewhere.
There are more bogus contracts in the system, let PDP members also come up with deep ones.
That was what the real opposition party of old Nigeria were doing

laudate:


The name Dino Melaye and the words 'altruism' or 'responsibility' do NOT belong in the same sentence. Do you even know who Dino is?? Please conduct a research on his antics.

laudate:


The name Dino Melaye and the words 'altruism' or 'responsibility' do NOT belong in the same sentence. Do you even know who Dino is?? Please conduct a research on his antics.

datribune:
Don't mind d thug. Dino needs to apologize to Nigerians. In his warped mind he thought REMITA meant - REMI+ TINUBU + AHMED. Hahahaha, i heard one of Dino's fellow Sinators saying "who is dat person so powerful in dis country, we must probe it". Since becoming a sinator, Dino has done nothing but exhibit thuggery, feed fat on our nation & flaunt his conspicuous consumption & decadent lifestyle on facebook 4 all to see.
#DinoIsDisgusting

datribune:


Don't mind d thug. Dino needs to apologize to Nigerians. In his warped mind he thought REMITA meant - REMI+ TINUBU + AHMED. Hahahaha, i heard one of Dino's fellow Sinators saying "who is dat person so powerful in dis country, we must probe it"
Since becoming a sinator, Dino has done nothing but exhibit thuggery, feed fat on our nation & flaunt his conspicuous consumption & decadent lifestyle on facebook 4 all to see.
#DinoIsDisgusting

datribune:


Dino has done nothing but exhibit thuggery, feed fat on our nation & flaunt his conspicuous consumption & decadent lifestyle on facebook 4 all to see.
#DinoIsDisgusting

mickey45:
I surely read the write-up itself which should be the basis of all positions.
I was only stating the grounds on which her taking their refunding money to mean culpability might be possible.
Apparently my thinking, the refund might just be "damage control" may not fly either.
Seeing they only remitted monies they would be paid later.

The "vitrioling" is uncalled for and your point could easily have been less scathingly made, but to each his own.
If you are an insider, that gives you some authority on the issue at hand.
Doesn't invalidate other "conjectures" as we all have different frames of reference for our opinions

We know all payment platforms have their charges, some institutions push these charges to customers (E-Transact and co.) Others bear it up.
CBN is not a third rate organization either so you'd expect best practices in their decisions.

Explains why even if I do not agree with most of Sanusi's marxist leanings, one must still respect his professionalism in that field

Ballmer:
So because Dino as fed fat as a senator REMITA should be allowed to feed fat on our collective wealth with questioning in Nigeria ?

laudate:


You really need to educate yourself. Refunding a fee is NOT equivalent to admission that there is a scam. Ask a lawyer to educate you on what constitutes an admission of guilt. Only a company that values its name & reputation, would remit such funds immediately without any long stories, because it knows its hands and its operations are clean. Are you aware that CBN asked for a refund, in order to present its defence to the Senate and that it would ultimately offset those fees directly?

If CBN does not refund the company, then who loses?? CBN does not get a platform to process its transactions, the banks do not earn their 0.05% share of the transaction fees, while the company also does not earn its fees. What happens at the end of the day?

subnormal:

You are getting uour maths all wrong, 1% ÷ 2 is 0.5% each and not 0.05%, you only get that if the processing fee was 0.1% of the transaction which is what I believe should be a fair charge considering the large amounts involved. If the sum is shared by 26 entities as you posted elsewhere, the percentage becomes 0.038% per entity....where did your 0.05% come from sir

citizenunitedfo:
This story stinks to the heaven.

I cannot believe how people are defending the 1% share of people money. It does not matter if shared among one
million entities. It is wrong! The federal government can spend less than N10M monthly on this service ball park.

What pains me in this whole story is the fact that the same shameless people are in charge of regulation. Any juicy projects are hijacked by the same people and they will frustrate any innovation by coming up with bogus regulations.

The CBN story about how World Bank was invited to vet the bidders and how system spec was selected is shameful. You
can invite John the Baptist from planet Mars to vet. Who cares? If CBN is the one selecting the bidders and REMITA is the baby of Tunde Lemo the former CBN deputy Director, who in his right mind will take any decision made by CBN seriously?


The same CBN that approved this deal is regulating the financial sector with the most thoughtless regulations that is preventing the growth of this sector. Where in the world are businesses expected to run when they can’t charge a fee on ATM or if fees are charged, must be below the cost. Yet they feel it is ok for REMITA to charge 1% of the whole government revenue, but no, other providers must charge a flat fee on fund movement. For your information, if you move N100 or N1B in Nigeria there is a flat fee by Nibss of less than N100. How can this translate into billions for REMITA and the others bleeding people money?


How in the world is government department like CBN with the most unrealistic regulation expects the financial sector to grow beyond relying on sharing government revenue among themselves and call it transaction fee?

I continue to believe that Majority of Nigerians in positions of power are actually of low IQ, they appear smart
to an unsuspecting Nigerians, but they are not smart at all. They all get paid salaries from the masses money, contribute nothing of value to the society and then turn against the masses. These are really sick people.


How is this 1% collection of people’s money different from what the politicians did when they delve their hand into
the till and bleed the nation? and how can a sane person expect this to last? How can CBN defend such, oh well, they know most Nigerians are gullible.

Any person familiar with fund movement within banks understand how payment system work in Nigeria and that this project should not cost the federal government more than N10M monthly and such contract can be awarded to any company.
Their role is NOT to charge a penny, but to manage the
technical infrastructure powering the transactions and ensure that funds are collected and channeled to the appropriate accounts


How convenient it is to be charging 1% of a country revenue and you call yourself an innovative company. This is
shameful. What invention have you created to alleviate the suffering of Nigerians except steal their money?

The billions been deducted monthly as fee is enough to pay 5 million Nigerians a N5, 000 monthly social security. Do
you have an idea what that means for the economy, country?
Your savior is among those millions wallowing in poverty and eventually snuffed out.

Few people with analog brains are sharing these billions monthly with inpunity doing practically nothing. What exactly are they doing? Let them put it out and let’s test their claims. Once the system is connected to the infrastructure that matters, the remaining cost is hosting fee and if the hosting
company charges electricity and HVAC cost, then calculate how much that will be per month. You can see that this
service can be run with N10M maximum monthly and this include 20 staff at least.


Heads must roll. CBN and others must be probed alongside all the people sharing this money. This is wrong and this is coming from somebody who understand the system very well.

If you want to charge per transaction fee, go ahead and compete in the market and let us see how well you fair in
the market.

Ballmer:


So because Dino as fed fat as a senator REMITA should be allowed to feed fat on our collective wealth with questioning in Nigeria ?

The fact remains there would never be a justification for any individual or organisation to be entitled to a percentage of the collective wealth of the entire population of Nigeria. It's baffling we refuse to learn in Nigeria.

REMITA whether you agree or not is simply a replica of Alpha Beta at the federal level. The same alpha beta that is entitled to a fraction of the collective wealth of all Lagosians.

How do you justify such action n in precisely what country does that happen in the world. The humongous sums transacted through the platform should essentially be a perquisite to why the CBN should never had bargain or sign a contract on percentage but we all know we have dullard manning the CBN.

Buhari is one man I will never regret casting my vote for. REMITA should be prepared to go to court over the contract terms as am sure it would not be entitled to any fraction of the Nigerian wealth at least not under this administration. It can wait till PDP takes over in the next century.

Good riddance to bad rubbish.

meforyou1:
remita is not a person. It is a software

laudate:


A little learning is a dangerous thing. Please educate yourself to know how the 1% was arrived at and the total number of commercial banks as well as the firm that would share that 1% fee.

You did not even read through all the posts on this thread, you just jumped in shouting that the whole thing stinks to high heavens. Chai!! See some Nigerians and their narrow-minded, ignorant, myopic sense.

laudate:


Guy, I did not pro-rate the fee, so I don't know where your 0.1% is coming from. Go through all the posts on this thread.

I had earlier said the company would get 0.5%, if the 1% fee was split between the firm and the commercial banks equally. Another poster had corrected this, and said the amount that was actually due to the firm would be 0.05% as other entities were still involved in the sharing formula. This is not a maths class.

citizenunitedfo:



You seem not to understand what is wrong in all these. Maybe you work for REMITA. You cannot, I repeat, you cannot charge a % of public fund. If you want to be charging a %, go start a business, let the public pay the fee for your service. No one will care., but when you begin to charge a % of government revenue, free money that is guaranteed to come, it's just plain wrong and simple.
I don't need to learn anything from you because you don't know what you are talking about obviously.

This revenue collection should be a flat management fee. The connections ensuring fund movement does not need innovation to warrant elaborate ongoing research and development as in commercial applications. Where is REMITA's cost to warrant sharing government revenue?

jhydebaba:
Our senators are not well informed. The other day, one was saying they offered civic education but today there is nothing like that.

meforyou1:
do you really understand what remita means?

subnormal:
You need to go through your posts again. You mentioned 0.05% twice, first as the amount due for system spec and as the bank's share in the other instance. I mentioned 0.1% as what I believe is a fair charge and as the value the total deduction will have to be to get your 0.05%, and yes, this is a maths class, grab a pen mate

How did 1% ÷ 26 give you 0.05...smh

babysophie:
Civic Education is a compulsory subject frm JSS1 2 SS3.

citizenunitedfo:
You seem not to understand what is wrong in all these. Maybe you work for REMITA. You cannot, I repeat, you cannot charge a % of public fund. If you want to be charging a %, go start a business, let the public pay the fee for your service. No one will care., but when you begin to charge a % of government revenue, free money that is guaranteed to come, it's just plain wrong and simple.
I don't need to learn anything from you because you don't know what you are talking about obviously.

This revenue collection should be a flat management fee. The connections ensuring fund movement does not need innovation to warrant elaborate ongoing research and development as in commercial applications. Where is REMITA's cost to warrant sharing government revenue?

laudate:


I do NOT work for the company that owns Remitta and I never will. It is strange how people like you are so quick to jump to wrong conclusions, when a position has been taken. I have however been privileged to be part of project teams at home and abroad, that have set up and maintained payment processing platforms, for multinational clients. Every processing platform in the world charges a fee, for every transaction conducted using its platform. It doesn't matter if the users are private individuals or government agencies.

Please read through all the posts on this thread to learn more about Remitta and what it was set up to do, as well as how the 1% fee was arrived at and how it is expected to be shared.

Charging a certain percentage as fees on a transaction, is standard practice in business circles all over the world, so please do not imply that this is a strange or illegal practice. Even your banks charge you COT on your account, for transactions that have been conducted over a period of time. CBN did not put down a kobo for the set-up and installation of Remitta.

Kindly conduct your research on the whole project before responding to my post, because if you persist in sustaining this line of reasoning, then you will have to forgive me and any other respondent for believing that you are clueless. Am out!

citizenunitedfo:
Sorry, you cant lecture me on payment transactions and fees. For this type of transaction, I have explained how the government can reduce cost and have a flat ongoing management fee of max N10M/ month paid to any company managing this. Anything outside that is share waste of public money going to a pre-selected few who are very inefficient for that matter. The fees that run into N'billions can be put to a better use in Nigeria. I'm not arguing with you over the legitimacy of inter-network fees, but there is a cost effective option explained above. It is no surprise when other networks filed a petition to CBN few weeks ago. All got too comfortable just collecting without any real value and they raised alarm because REMITA was favoured in the deal.

laudate:


Don't be funny. Review all the facts before you type. The CBN evaluated other existing platforms, before deciding to settle for Remitta. CBN did not even pay a kobo, for the deployment of the payment solution. The only agreement was that 1% of the transaction amount would be collected as transaction fees, and shared between the firm and all the banks. What is so criminal about that??

Such fees which constitute a percentage of the transactions done, are worked out for different payment platforms all over the world. If you own a credit card in USA or the UK today, you pay a percentage fee per annum, for owning the card. Even Visa and Mastercard charge the banks for every customer that uses their cards, to make payments or remit payments. It is perfectly within the law. These fees are called acquirer - processor fees.

So what rubbish is Dino Melaye saying?? Dino is from the same local govt as the MD of the company that installed Remitta. He is just trying to blackmail and witch hunt the man. Or maybe he asked for a bribe, and the guy refused to oblige. Who knows??

sage10pm:
.....Baba u jst made me ondastand more abt dis remitta issue....since u r a madman(@ profile info tho) would like to gain more from ur experience. u say wot ?@laudate

rman:
@ Laudate, stop educating nairalanders with low emotional IQ.

It is clear to anyone that is educated and exposed to know u know what u are saying.

It is only in these clime government can't do something right, when they outsource it and the firm runs efficiently and it becomes big, the people shout scam.