SaharaReporters has gathered more details regarding why members of the Nigerian Senate moved to clamp down on President Muhammadu Buhari’s administration over the Treasury Single Account (TSA).  Nigeria's Senate President, Bukola Saraki

Our investigation revealed that, in October, the leadership of the National Assembly led by Senator Bukola Saraki hatched out a secret arrangement to force Central Bank of Nigeria officials to exclude National Assembly accounts from the Treasury Single Account (TSA). The legislative leaders claimed that the TSA was hampering the National Assembly’s operations.

One source told SaharaReporters that some members of the National Assembly were not pleased that members of the executive branch would know details of their hitherto opaque financial transactions. They consulted CBN officials about ways of quietly opting out of the TSA. Our source stated that CBN officials could not make a commitment to remove legislative accounts from the TSA opting to inform President Buhari instead. However, when Mr. Buhari was informed of the arrangement, he immediately objected to excluding NASS accounts. 

On learning of the president’s objection, Mr. Saraki mobilized other National Assembly leaders and invited CBN officials to a meeting in October. At the meeting, the legislators reportedly threatened to deal with the CBN if the regulatory bank’s officials did not exclude them from the TSA. A source familiar with the meeting told SaharaReporters disclosed that the lawmakers told CBN officials they had found out certain officials of the Buhari administration were using a third party, SystemSpecs Limited, to milk Nigeria through the TSA policy. 

Our source revealed that, following the testy meeting, CBN officials decided to discontinue the 1% fee that was deducted from the federation account and paid to Systemspecs Limited for managing the TSA protocol. Officials of former President Goodluck Jonathan’s government had arranged for the 1% fee.
Our investigation revealed that the TSA protocol was first mooted in December 2011. In January 2012, the Jonathan Presidency signed an agreement with SystemSpecs, owners of the software used for TSA deposits. The implementation phase of the agreement was then signed in December 2013 authorizing the use of TSA as a payment platform. 

Infuriated that they failed to get their accounts out of the TSA, Nigerian senators have raised a motion calling for a probe of the TSA. They claimed that the TSA was President Buhari’s agenda to steal money from the Nigerian treasury. However, CBN officials and the owners of Systemspecs openly declared that Mr. Buhari did not sign the service agreement between the Systemspecs and the Federal Government. In a letter sent to President Buhari, they explained that the service fee paid to SystemSpecs Limited ballooned after the Buhari administration ordered commercial banks to surrender all government funds in their possession, adding that the CBN then stopped the service charges. 
A senator told SaharaReporters that Mr. Saraki was also upset about the TSA because of its deep impact on Heritage Bank, a commercial bank in which he and other members of his extended family have significant ownership stake. The source disclosed that Societe Generale Bank, which Mr. Saraki’s family virtually liquidated through reckless banking practices and corruption, had re-emerged as Heritage Bank. The CBN recently approved a merger of Heritage Bank and Enterprise Bank. With the introduction of the TSA policy, “the Senate President cannot just place the Senate’s funds in a bank where he has financial stake.” 

As Governor of Kwara State, Mr. Saraki often funneled state funds into banks in which he had significant interests.
Our senatorial source also alleged that Mr. Saraki’s burgeoning legal fees had made the former governor desperate to fight the TSA in order to have unfettered access to the Senate’s budget. According to the senator, Mr. Saraki had hired a score of lawyers to scuttle his ongoing trial at the Code of Conduct Tribunal. “His legal expenses are not a joke. That’s another reason he does not like how the TSA policy is standing in the way of his ability to dip his hands into the National Assembly funds to help settle some of his legal bills,” said the legislative source.

How Saraki, National Assembly Leaders Secretly Opposed Treasury Single Account | Sahara Reporters
http://saharareporters.com/2015/11/16/how-saraki-national-assembly-leaders-secretly-opposed-treasury-single-account

Corruption is really fighting Back...

The truth is dat most of our Politicians don't ve we de masses at their mind. They r their to enrich their pockets

May God help us.

Na wa for you op..

SR is the best. Investigative journalism at its best.

Saraki went after the poisoned chalice which the Senate Presidency has become, in the mistaken belief that it was business as usual.
I commend the CBN for calling his bluff on this one.

SR shouldn't have gone this far to expose these senators because one cud smell the stench of their frustration of not having easy access to funds to corner and use as they like,from a 1000km away.
Wherever Saraki and Melaye make so much noise about a monetary scheme that also involves the national assembly,it can only be because they have been deprived of such funds to loot or feel they have been shortchanged in same.
Melaye and Saraki actually probing a monetary scheme for trully patriotic reasons is like Diezanni claiming She has never stolen from Nigeria.

doctokwus:
SR shouldn't have gone this far to expose these senators because one cud smell the stench of their frustration of not having easy access to funds to corner and use as they like,from a 1000km away.
Wherever Saraki and Melaye make so much noise about a monetary scheme that also involves the national assembly,it can only be because they have been deprived of such funds to loot or feel they have been shortchanged in same.
Melaye and Saraki actually probing a monetary scheme for trully patriotic reasons is like Diezanni claiming She has never stolen from Nigeria.

and amaechi said he never collected bribe.....
Chai we followers, we r d real problem of naigeria.

Saraki was behind Ebola too...

Abi?

If cbn stopped the charges why then did they collect 8bn from systemspecs? Was it not money that was still being deducted at source? Bs

http://www.thisdaylive.com/articles/tsa-transfers-central-bank-recovers-n8-6bn-from-owner-of-remita-systemspecs/225480/

The Central Bank of Nigeria has recovered N8.6 billion deducted by a Lagos-based software firm, SystemSpecs, which provided the e-Payment/e-Collection solution used for the transfer of government funds from commercial banks to the treasury single account (TSA) domiciled with it, THISDAY investigations have revealed.


The central bank, according to sources in the CBN, directed the company which owns the Remita software platform used for the funds transfer, when it was discovered that SystemSpecs had deducted as much as N8.6 billion for the remittance of government funds from banks to the TSA in the last few weeks.

hen hen

Lalasticala do d needful abeg.. dis is national Issue.
Some people still accuse PMB for dos REMITA stuff... they need to be educated

ok

[b]Very very dumb president. He rushed to approve the implementation of TSA without going into details and knowing the nitty gritty of it. When allegations came up about money being fleeced, the dullard and his band quickly remembered that it was Jonathan that conceptualised the TSA and blamed the 1% deductions on Jonathan. Same Lagos/Ibadan expressway propaganda media outlets thay praised Buhari to the high heavens for initialising TSA suddenly remembered that indeed it was Jonathan.

Same way they rushed to the press to claim refineries are working, forgetting that it was projected to come on stream 2016. All for vain glory and satisfaction of hearing "sai baba" . Nor be the fuel scarcity we dey suffer now? Are the refineries working as they say?

Same way he castigated subsidy saying he doesn't know what it means and now he's paying even more. Same way he derided the past government for seeking alliance with neighbouring countries and his first port of call was to same countries to seek same alliance.

When a dullard rules indeed......[/b]

Change2015:
If cbn stopped the charges why then did they collect 8bn from systemspecs? Was it not money that was still being deducted at source? Bs

http://www.thisdaylive.com/articles/tsa-transfers-central-bank-recovers-n8-6bn-from-owner-of-remita-systemspecs/225480/

The Central Bank of Nigeria has recovered N8.6 billion deducted by a Lagos-based software firm, SystemSpecs, which provided the e-Payment/e-Collection solution used for the transfer of government funds from commercial banks to the treasury single account (TSA) domiciled with it, THISDAY investigations have revealed.


The central bank, according to sources in the CBN, directed the company which owns the Remita software platform used for the funds transfer, when it was discovered that SystemSpecs had deducted as much as N8.6 billion for the remittance of government funds from banks to the TSA in the last few weeks.

when people shout uneducatedly.What about interswitch. Nobody is saying anything about them what is different from them and remita or visa mastercard.its a known procedure globaly for transaction fees to be collected.

chrisblack:
when people shout uneducatedly.What about interswitch. Nobody is saying anything about them what is different from them and remita or visa mastercard.its a known procedure globaly for transaction fees to be collected.

I tell u there is sumfin about this TSA dat is making our Political Vampires scared.

chrisblack:
when people shout uneducatedly.What about interswitch. Nobody is saying anything about them what is different from them and remita or visa mastercard.its a known procedure globaly for transaction fees to be collected.

Don't be dull. If cbn gives a contract to a company then they should pay for it with their own budget. In Nigeria all revenues belong to the three tiers of government namely federal, state and local. There should be no spending without appropriation via a budget. Why should the cbn, a federal agency bill the whole nation for the contracts it is dishing out to its friends?
This is the same rubbish that NNPC was doing, spending whatever money came in and sending the balance to the treasury and that was simply wrong and illegal. Revenues are meant to be collected before any sharing, and allowing systemspecs to siphon off 1% before any appropriation bill is not what our constitution demands. If they knew what they were doing was right why did they return the money to the cbn? Suck on that.

[quote author=calebo10bb1 post=40080928][b]Very very dumb president

HELLO WAILER,YOU ARE PAINED,I PITY YOUR CONDITION BUT I MAY HELP YOU ALITTLE BIT.THOSE ISSUES YOU MENTIONED RANGING FROM TSA-SUBSIDY-REFINERIES-COALITION FORCE EVEN ELECTRICITY,GO CHECK IT OUT FROM THE PDP MANUAL HOW WORSE THINGS WENT IN THEIR YEARS OF MISRULE.PMB INHERITED BOTH THE ASSESTS AND LIABILITIES OF THE PREVIOUS GOVT,THE SAME WAY GEJ DID BUT UNFORTUNATELY HE LEFT IT WORSE OFF.IF YOUR BITTERNESS WOULD NOT BECLOUD YOUR SENSE OF REASONING,WHICH I DOUBT,YOU WOULD SEE THAT THIS GOVT HAS NO INTEREST IN GEJ's. GLORY RATHER IT HAS COME TO LEAVE ITS OWN FOOTPRINTS. 90%OF GEJ's PROJECTS WAS THE INITIATIVES OF OBJ/YARADUA'S OF WHICH GEJ COULDNT SUBSTANTIATE TO PERFECTION.HE LEFT THOSE ROTS FOR PMB WHICH HE IS TRYING TO FIX.A LOT OF TRUTHS ARE EMERGING FROM NASS TO MDAs.CORRUPTION(DINO,SARAKI,PDP,ETC) IS FIGTHING BACK,DONT BE DECEIVED.
Deal With It Or Die With It!
The Truth Has Spoken! No Lie Only Truth!

calebo101:
[b][s]Very very dumb president. He rushed to approve the implementation of TSA without going into details and knowing the nitty gritty of it. When allegations came up about money being fleeced, the dullard and his band quickly remembered that it was Jonathan that conceptualised the TSA and blamed the 1% deductions on Jonathan. Same Lagos/Ibadan expressway propaganda media outlets thay praised Buhari to the high heavens for initialising TSA suddenly remembered that indeed it was Jonathan.
Same way they rushed to the press to claim refineries are working, forgetting that it was projected to come on stream 2016. All for vain glory and satisfaction of hearing "sai baba" . Nor be the fuel scarcity we dey suffer now? Are the refineries working as they say?
Same way he castigated subsidy saying he doesn't know what it means and now he's paying even more. Same way he derided the past government for seeking alliance with neighbouring countries and his first port of call was to same countries to seek same alliance.
When a dullard rules indeed......[/s][/b]

You shall wailling till 2023....
Are you blind to see the bigger thieves in the picture

Change2015:


Don't be dull. If cbn gives a contract to a company then they should pay for it with their own budget. In Nigeria all revenues belong to the three tiers of government namely federal, state and local. There should be no spending without appropriation via a budget. Why should the cbn, a federal agency bill the whole nation for the contracts it is dishing out to its friends?
This is the same rubbish that NNPC was doing, spending whatever money came in and sending the balance to the treasury and that was simply wrong and illegal. Revenues are meant to be collected before any sharing, and allowing systemspecs to siphon off 1% before any appropriation bill is not what our constitution demands. If they knew what they were doing was right why did they return the money to the cbn? Suck on that.

so what about interswitch

I dey find front page, bear with me please. I will comment Lata, no time to read now, let the hustle continue thanks for your understanding. God bless you ASAP

chrisblack:
so what about interswitch

Remita is the sole service provider re TSA accounts. So wtf about interswitch?

Change2015:


Remita is the sole service provider re TSA accounts. So wtf about interswitch?

you funny die.they are all payment processing platforms and gateway.you know nothing in this field so I guess you keep shut.half deluded wailers.you guys just wail for fun or as a result of L.I.E. syndrome