N2tr collected from MDAs, says Emefiele Bureaucracy and professionalism clashed yesterday in Abuja.
Central Bank of Nigeria (CBN) Governor Godwin Emefiele and
Accountant General of the Federation (AGF) Ahmed Idris were
locked in arguements over the controversial Treasury Single Account (TSA) with SystemSpecs Limited, owner of Remita, an
electronic payment solution.
But SystemSpecs Chief Executive Officer (CEO) John Obaro insisted
that his platform had a valid contract with the CBN and deserved to earn its charge as contained in the contract.
Emefiele, Idris and Obaro spoke at a public hearing on alleged
abuse and mismanagement of the TSA regime.
The Senate instituted the public hearing following claims that the
one per cent service charge being paid to Remita under the TSA
was a rip-off.
Emefiele explained the spirit behind the TSA which process he said began in 2010.
Idris gave the amount collected under the TSA as N1.8 trillion but
The CBN Governor gave N2.038 trillion as the amount collected
from the Ministries, Departments and Agencies (MDAs) as at
December 8. But The AGF gave a figure of N1.8 trillion.
Emefiele said because of the large volume of fund collection under
TSA, the payment of one per cent service charge to the service
provider, Remita was considered to be too high and exorbitant.
Emefiele added that the TSA scheme is laudable adding that the Federal Government should be commended for ensuring its full
implementation.
He noted that already the CBN has over N2 trillion, money that
should have been lying idle in banks.
He said that there was no abuse of the TSA as being claimed in
some quarters.
Chairman of the joint committee promptly reminded him that the
TSA is not on trial especially when the Senate had commended
President Muhammadu Buhari for its implementation.
On who approved the payment of one per cent service charge to
Remita, the CBN governor said he needed to cross check but
admitted that that there was an agreement between CBN and
Remita.
He said he was told that Inter-Departmental Committee of the apex bank approved the payment.
He also told the committee that the Remita platform was designed
to handle retail payment.
Emefiele said that when Remita was appointed as e- payment
Solution platform, Nigeria Inter-Banks Settlement System (NIBSS)
owned by the CBN was not quite ready to provide the services.
The CBN boss said that he is not aware that Remita is hosted
outside the country adding that all he knows is that Remita is a
Nigerian company and hosted in the country.
Emefiele reiterated that since 2012 when TSA was introduced over N2 trillion had been collected and the volume of collection would continue to increase.
He said that the agreement stipulated a sharing formula of CBN 10%, banks 40% and Remita 50% of the one per cent service charge.
Emefiele told the committee that at the reversal of the agreement
Remita was asked to refund the N8 billion it collected.
The company, he said, promptly complied by refunding what it
earned.
The Senate had claimed that Remita received N25 billion in three months.
The CBN governor said that he is sure that Remita has also realised
that the payment of one per cent service charge on all funds
collected is exorbitant.
On alleged upfront payment of the service charge, the CBN
governor said he does not think the deduction was made up front
from the collection.
He said, “Monies have been collected and the agreement says you take one per cent of what had been collected.”
Asked whether he was aware that one per cent was being taken
from the funds collected for the Federal Government, Emefiele said:
“I did not know that one per cent was being taken on that account
until we were summoned to the office of the Senate President and
I was surprised to hear it. It was immediately that I swung into act
to find out who John Obaro is. I called him immediately to refund
the money he collected and to reverse the payment.
“Initially I did not know who owns Remita and SystemSpecs until my attention was drawn o it in the Senate President’s office. I have to admit that I did not know about the payment until it came up on the floor of the Senate. That was why I quickly called Mr. Obaro and immediately reversed the payment.” Chairman of the committee Enoh praised the courage of the CBN boss for admitting that he did not know about the payment.
Enoh noted that it is solemn for people in office to admit their error.
The Accounta General told the Committee that the TSA is meant to focus on resources of government and to ensure that the resources are consolidated and viewed through single window.

Deborahj:
Source Please?

drss:
...but in d past, liar mohammed claimed d money collected into tsa was not up to N2 trillion D truth don dey comot small small.

superstar1:
I thought the wailing wailers were screaming blue murder about missing money.

Sheer waste of time.

If Remita refunds the money they earned genuinely, they are only being patriotic. If they did not, there is nothing anybody can do because there was a contract agreement with terms and conditions in place at the beginning.

A labourer is worthy of his wages. Remita is worthy of its payment. Yeah 1% is much for that level of transaction, but what were the duties that signed the contract on behalf of Govt looking at.

Also, we should note that Remita does not own the whole 1%. It was meant to be shared between CBN, DMBs and Remita, which is the fair deal to all because the 3 are major stakeholders in the transaction process.

darelar:
"Initially I did not know who owns Remita and SystemSpecs until my attention was drawn o it in the Senate President’s office. I have to admit that I did not know about the payment until it came up on the floor of the Senate. That was why I quickly called Mr. Obaro and immediately reversed the payment" where are those that said Remita means (Remi Tinubu Ahmed) and is owned by Tinubu and his wife.

darelar:
did you read it at all? The money generated by TSA is N2 trillion and their commission is % 1 of it which is N8 billion.

drss:
see dem u will not say dis stuff if it were GEJ administration. if this same tin happened under GEJ era una go throw tantrum cry loud to high heavens dat GEJ used remita to embezzle N25 billion, just like sanuai's baseless missing $20 billion.

drss:
see dem u will not say dis stuff if it were GEJ administration. if this same tin happened under GEJ era una go throw tantrum cry loud to high heavens dat GEJ used remita to embezzle N25 billion, just like sanuai's baseless missing $20 billion.

drss:
...but in d past, liar mohammed claimed d money collected into tsa was not up to N2 trillion D truth don dey comot small small.

superstar1:


See this wailer.

The contract was signed under GEJ's govt in 2012.

With recent events of putrid level the Drunken Master of Otuoke took corruption to in our dear country, I can correctly deduce that they had the intention of enriching themselves with the commission.

How can a sane govt approves 1% when POS is even 0.75%.

fyneguy:


N2 Trillion as at December 8. Did Lai Mohammed say as at Dec 8?

theV0ice:


which truth is coming out? Can't you even see that Emefiele and the AGF who should know are even giving conflicting values? Also what happened to the myth that REMITA belongs to Remi Ahmed Tinubu that you guys were running amok with??

Incase you still don't know, see the owners names below. check and tell me which of them sounds like Buhari or Tinubu

Chairman: Christopher Kolade

Managing Director: John Obaro

Directors
Mr Emmanuel Ocholi
Dr. Ernest Ndukwe
Mr Deremi Stands
Dr. Emmanuel Eze

Was PMB also in charge when the contract for REMITA was signed with SYSTEMSPECS IN 2011? Or you've forgotten who was President then?

drss:
...and ur daura president cluelessly approved d implementation of d %1 charge without reveiwing d contract agreement.

drss:
for a president who has been shouting probe, kwarapshun, probe since may29, why didn't he probe d contract agreement between CBN n Remita for implementing TSA

drss:
...and ur daura president cluelessly approved d implementation of d %1 charge without reveiwing d contract agreement.

theV0ice:


What is there to probe?

Do you mean SYSTEMSPECS shouldn't get paid for the job they did?

If you insist that the REMITA deal was a fraud, you will also have to agree GEJ and his people are thieves and criminals for signing the contract. Deal?

drss:
hahahahahahaha see as u dey defend buari like say him be ur wife. Talk true if GEJ was in buari's shoes, will u defend him on dis TSA scandal?

superstar1:


You are blaming PMB for the stup1d action of your Clueless and Corrupt Mandela of Otuoke?

Wonders shall never end.

You can also blame PMB for all the unprecedented looting of our collective wealth that happened under your figure head an inexperienced president.

drss:
yes yes we know d drill GEJ is d cause of all nigeria's problem. D zoo was a developed con3 where everything was working with water n 27hr power supply before GEJ came n destroy it. GEJ stole N2.8 billion nnpc money in 1978, created fuel subsidy and even created boko haram to punish nigeria. Yeye dey smell.

drss:
...and ur daura president cluelessly approved d implementation of d %1 charge without reveiwing d contract agreement.

drss:
yes yes we know d drill GEJ is d cause of all nigeria's problem. D zoo was a developed con3 where everything was working with water n 27hr power supply before GEJ came n destroy it. GEJ stole N2.8 billion nnpc money in 1978, created fuel subsidy and even created boko haram to punish nigeria. Yeye dey smell.

StOla:



Biafran alert!

Why are you crying for the sake of the supposed zoo?

Your misery has just begun. Nigeria will rise from the abyss the PDP condemned it.