PUTTING THE RECORDS STRAIGHT...WHAT I KNOW ABOUT REMITA....

(Please be alert to my emphasis on some words and phrases using capital letters)

Some years back...I suppose a little more than 5 yrs but preceding the GEJ era, I saw an advert in the newspapers....a new epayment/collection system developed locally by a Nigerian, with a brand name REMITA was advertised. It sought to bring additional innovation to the landscape dominated by Interswitch but focused on the Corporate epayment solutions.
The solution was developed to help corporate organizations leverage online platform to drive collections especially from distributors of their products in order to eliminate leakages and fraud...and also for govts to drive collections....I checked the Company that developed it, it was no other than...SYSTEM SPECS...A Technology innovation and solutions company that is one of the early local technology developers in Nigeria owned by Mr John Obaro.........

ROLL BACKWARD TO LATE 90S
Mr Obaro's company SYSTEM SPECS had about 15 + years ago developed the first Human Capital Management solution in Nigeria called HUMAN MANAGER...the first to compete with similar solutions owned by foreign Hi-Tech companies like SAP and SAGE....being a cheaper solution, it caught the waves and many corporates bought the solution to manage their HR. I recall that when Capital Alliance Private Equity set-up in Nigeria in late 90s, SYSTEM SPECS was one of the first Technology companies they wanted to invest in because of their forward looking business, but it eventually did not happen...........

FAST FORWARD TO 2014....
When the former Minister of Finance and Coordinating Minister of the Economy , Ngozi Okonjo Iwela came up the the TSA policy in 2014, she of course knew that the only way it will be efficient was to drive it through an eCollection /ePayment platform so that Revenue agencies and collection banks can automatically remit funds to the TSAs in CBN without much of human intervention and to avoid revenue leakages. So I think sometime in Oct/Nov 2014, NOI through the approval of former President GEJ signed the contract with SYSTEM SPECS to leverage the REMITA SOLUTIONS....(Our own home grown solution in promotion of local content in Technology adoption) to be the eCollection platform....

Now by all local and global standards, eCollection platforms typically charge between 1%-3% of total value of transactions...so I do believe that NOI agreed to the lower band...1% and signed the deal. That means REMITA platform, owned by SYSTEM SPECS will charge 1% of total revenues collected through it!..... It is imperative to note here that THIS CONTRACT WAS SIGNED BY NOI UNDER GEJ GOVT ....and that is the subsisting contract till date...... I suppose because the TSA compliance under GEJ was very low, the charges may not have been so high enough in one swoop to warrant the "eagle eye" of Nigerians...or better put, news fabricators! propagandists!! and News Mongers!!!

ROLL FORWARD CURRENT DAY....
Naturally when PMB ordered for full compliance of TSA....I honestly would not know if the transfers were made through REMITA or not, but I suppose being the ecollection platform they applied 1% charge on the transfers!....leading to about N25B income, that many have criminalized and came up with spurious allegations and fabricated lies on......Suddenly, a deal contracted and signed by NOI and approved by GEJ.........SYSTEM SPECS (Erroneously called REMITA, the brand name of the solution); has been baptised and transfigured by some rumour hungry Nigerians to now be ALPHA BETA (company alleged to be owned by Asiwaju Bola Tinubu) and deal trending to be a PMB deal!!!......

Now, while I personally may have issue with the terms of charges, I think we should understand this is a CONTRACT signed by previous govt and stands to face serious legal issues if it was reversed or cancelled without due process......But I do also know for those who see everything wrong with PMB...or who are looking for ways to accuse him, ...had he cancelled the contract, they will still say he is REVERSING ALL THAT FORMER PRESIDENT GEJ DID!!!!......
May be Nigerians should be told, that the standard applied by SYSTEM SPECS is acceptable globally and various govt revenue agencies using online medium like Nigeria Immigration (ePassport) (never mind they have gone manual to enable the usual fraud to continue), have done similar things.....Blame should go the govt that signed the contract because they could have negotiated better and much lower charges considering the VOLUME OF TRANSACTIONS INVOLVED. Or even negotiate an outright purchase of the platform!!...I suppose should not have cost more than $10-20m to purchase it and then ask SYSTEM SPECS to operate it for annual fees!!

Surely, if some Nigerians are not careful, the way they are going they will use propaganda to set this nation on rage!!!,...I just can not fathom the level of bitterness......


Culled from a user on Facebook: https://m.facebook.com/story.php?story_fbid=10153362511258802&id=526368801

Cc:Lalasticlala, Seun, administrators

modath:



Learnt something, thanks OP.....


& that Dino of unverifiable & shrouded in mystery income stream is a straight up MOFO....

Trying to get back at Jagaban but has set the polity on fire with his high level ignorance. ...

He will get all he deserves soon, Abokaku special..

You're welcome

I stumbled on that and thought it's worth sharing!

Your post makes some sense if you remove the political aspect. The guys at System Specs have done no wrong. The charts applied is industry standard. 1%

this should be on front page to enlighten the general populace

This will sure hit fp