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Nairaland Forum / Nairaland / General / Politics / How Dino Melaye Misled The Senate On TSA, Remita (9598 Views)
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Re: How Dino Melaye Misled The Senate On TSA, Remita by baralatie(m): 4:49pm On Nov 13, 2015 |
meforyou1: 1 Like 1 Share |
Re: How Dino Melaye Misled The Senate On TSA, Remita by ziccoit: 5:04pm On Nov 13, 2015 |
laudate: Ok, let me call it a day here until more revelations, if any, crop up on this matter. Have a nice day. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by meforyou1(m): 5:30pm On Nov 13, 2015 |
laudate:you don't know what you are saying. Which CBN RTGS breaks down frequently? And mind you, RTGS is not for used for submission of returns by banks. It is eFASS that is used for that. RTGS is used for funds transfer. Inter bank and third party funds transfer. It's people like you that feed people like Dino Melaye the lies he raises in the floor of the senate |
Re: How Dino Melaye Misled The Senate On TSA, Remita by TimeManager(m): 5:42pm On Nov 13, 2015 |
I dont understand what this brouhaha is all about.this is the same practise all over the world,you outsource a service for affordability yet not compromising on quality.it behooves on the owners of NIBSS(CBN and other banks)to provide it with infrastructures and tools capable for providing such a transaction.Their operation is shroded in secrecy though. system specs is clean.DINO MELAYE should take A BLOW AND GO! Like i said DINO and PDP are just trying hard to bring down some APC leaders based on MERE AND BASELESS SUSPICION.DOUBTS CLEARED,CASE CLOSED. The Truth Has Spoken! No Lie Only Truth! |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 5:43pm On Nov 13, 2015 |
meforyou1: Guy, RTGS breaks down. Even when it is working, its' speed is slow, and it drags. If you have ever used it consistently over time on a regular basis, you would know. Ask anyone who has worked in the IT Dept as well as clearing or ops dept of any commercial bank. It is folks like you that feed Dino Melaye with crap, because I do not even know the clown called Dino. Both CBN and the World Bank Project team evaluated the technical capability of RTGS and the technical solutions provided by other companies, before settling for Remitta. In fact, CBN in its own letter stated clearly that RTGS was unsuitable! Go and do your research before coming back here! |
Re: How Dino Melaye Misled The Senate On TSA, Remita by meforyou1(m): 5:52pm On Nov 13, 2015 |
laudate:boy, I challenge you and IT staff of any commercial bank to prove that RTGS is slow and breaks down. I don't have time to lecture you |
Re: How Dino Melaye Misled The Senate On TSA, Remita by edogirl2: 5:52pm On Nov 13, 2015 |
People can say what they like about the existence of a contract bla bla. But that does not change the fact that a new government is entitled to look at what is quite clearly a scam contract. Op's attempt to conflate personal credit card charges in the US with the TSA charges is nonsense. If the government put out a bid for 0.1% of total collection as charges, many companies, including from abraod will happily bid for the contract, because even at 0.1% fee, it is still a very good contract for doing little. You supply a one - off software that requires nothing more than a handful of people to keep it going and you want to take 1% of the country's entire domestic earnings. The remaining 170 million people will have to contend with 'just' 99%. The contract is just another example of the wickedness of the PDP/Jonathan administration. Op can say whatever he likes, but this contract is going down. APC will will review the contract and deal with it accordingly. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 5:57pm On Nov 13, 2015 |
meforyou1: Don't bother to lecture anybody, as none of the actual users of that platform would attend. RTGS is used for net settlement requests. And the CBN Guideline is explicit on use of RTGS. "For low value net settlement systems, if a participant does not have sufficient funds to settle net position, this could prove a risk to the whole system, CBN would provide collateralized intraday credit facility, which would be accessed to enable participants to make payments. The collateral must be high quality and the amount would be determined by CBN. Any participant that enjoys this facility must make the fund available in its account to cover the credit not later than the close of the day's business." If that participating bank does not make funds available to cover the credit, or if it delays in submitting its returns on that settlement credit to CBN by close of day, it is penalised. Even when the delay was caused by the RTGS platform, that bank is still penalised for any lapses in settlement. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by meforyou1(m): 5:59pm On Nov 13, 2015 |
edogirl2:don't mind people just talking out of ignorance. Government collections are collected by banks and then transmitted to CBN through Remita software, developed by SystemSpec, a Nigerian company. In fact, both payment and collection. The agreement is that 1% of the collection will be deducted and that 1% collected shared by SystemSpec and the collection banks, though I don't know in what percentage. Every labourer deserves his wages. Nothing comes for free |
Re: How Dino Melaye Misled The Senate On TSA, Remita by edogirl2: 5:59pm On Nov 13, 2015 |
The whole thing is just a scam. Now, we learn that the CBN has its own platform that it can use. Also, how do commercial banks transfer their capital ratio reserves to the CBN? (somethings banks were doing long before there was anything called 'software'). Do these banks also pay 1% for this transfer. I know for a fact that an off-the-shelf software with a few modifications can be had for less than $100,000 (20 million naira). So, where is the company's entitlement to tens of billions come from. It's a SCAM. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by meforyou1(m): 6:01pm On Nov 13, 2015 |
laudate:you didn't add that RTGS is for high value interbank and third party payments. Which makes it unsuitable for retail payments which is what those collections are. And why the CBN people went for remita. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by edogirl2: 6:05pm On Nov 13, 2015 |
meforyou1: Yes, nothing comes for free. But that does not mean the government has to pay way overboard for a very ordinary service. In any event, the software is so poor and unstable, you have to laugh at the way Nigeira continue to deceive itself. For a whole week a couple of weeks ago, we were unable to make a government payment, because the banks cant process payments. Why? Remita only works between 8 - 9 am. After that it normally crashes! We went from bank to bank, same problem. And now, to hear that this same company has paid itself over N25 billion and claiming more. What a country. The contract is a scam. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 6:07pm On Nov 13, 2015 |
edogirl2: And what exactly makes it a scam?? CBN itself knew that its existing systems were inadequate to cope with the activities it wanted to carry out. It invited bids from various companies to implement a new processing platform. The technical evaluation was jointly carried out by World Bank Project team and CBN, before Remitta was eventually selected. CBN did not contribute a kobo to the setting up of that platform. The company did it at its own cost. The only thing it was entitled to collect was its processing fee of 1% of the cost of the transaction, and that 1% would be shared between that firm and all the commercial banks, which means at the end of the day, it gets only 0.05%. Part of that fee is for sustaining and maintaining the operations of the platform. So what is so difficult for you to understand in here?? And is it your own lack of understanding that has made you conclude that it is a scam?? Educate yourself, please!! There is no payment processing platform in the world that does not charge a fee for its transactions. 1 Like |
Re: How Dino Melaye Misled The Senate On TSA, Remita by meforyou1(m): 6:09pm On Nov 13, 2015 |
laudate:me and you agree on remita. Educate yourself more on RTGS. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 6:10pm On Nov 13, 2015 |
meforyou1: meforyou1: Thank you for pointing that out, jare. I understand exactly what RTGS is used for, but I didn't want to go into all those long details, so I just focused on the main area pertaining to the post. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by edogirl2: 6:11pm On Nov 13, 2015 |
laudate: If it wasn't a scam, why did the CBN confirm today that Remita or its owner company has 'hurriedly' refunded N8 billion naira. They forgot the N8 Billion in their back pocket before abi? Abeg so siddon. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 6:17pm On Nov 13, 2015 |
edogirl2: 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? |
Re: How Dino Melaye Misled The Senate On TSA, Remita by edogirl2: 6:17pm On Nov 13, 2015 |
The funny thing is, the company simply dips its hands in our collective commonwealyth and pays itself what it likes, then passes the rest to the CBN. Then when they are cuaght, they rush to return some of the money. Never seen a country like this before. Shouldn't Remita pass ALL REVENUES to the owner of the money, and then the owner (Ministry of Finance or CBN) pays for their service? How can it be that Remita pays itself from the money it collects |
Re: How Dino Melaye Misled The Senate On TSA, Remita by mindthing: 6:19pm On Nov 13, 2015 |
edogirl2:My Response>>>>>>>> Again, not so. There is no other platform offers the combination of features i have listed above ALL ON ONE PLATFORM. Whether people like you like it or not, this country WILL move forward in integrity and technology. You might want to do some research on Remita and SystemSpecs before placing your money on a bet for this prediction you have made. 1 Like 1 Share |
Re: How Dino Melaye Misled The Senate On TSA, Remita by edogirl2: 6:27pm On Nov 13, 2015 |
laudate: Does what you write up there make sense...even to you? Money is missing in your house. You call everyone present and threaten to call the police. Your houseboy goes on his knees saying '...Oga, please dont call Police, I will refund it' According to you, that is not an admission of guilty. Some of you people are so corrupt, you have buried your morality. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 6:32pm On Nov 13, 2015 |
mindthing: Leave that backward person that refuses to be educated on the facts. Some people are just too blinded by their own inner bile and myopic view, to see the truth. Encryption systems alone on some platforms can cost more than the 20 million that she is quoting, and many of them are sourced from foreign companies abroad. I just wish they had allowed any of the international processing platforms owned by Visa, Mastercard or AM Express, CR2 etc., to carry out this deal. CBN would have first shelled out hundreds of thousands of US dollars for the software, then paid a percentage as annual processing fees, and then still had to provide accommodation in a five-star luxury hotel to shelter the foreign system integrators. Anytime there is a maintenance issue that exceeds the capabilities of the local staff, they would still have to fly in foreign tech experts at a huge cost to rectify the problem. Abeg, leave matter for Matthias, jare! edogirl2: Receive sense, I beg. Did CBN claim that any money was missing?? Isn't it Dino that is crying wolf over nothing? Even as an individual with an account in a commercial bank, does your bank not charge you COT for any transaction carried out on your account?? All that was said here, was that the company collected a 1% transaction fee, which would be shared between itself and the commercial banks. Did anyone in CBN claim that it had no right to do so? I have told you before, ask a lawyer what constitutes an admission of guilt. If CBN had asked them to remit the entire amount first instead of deducting the 1% fee at source, because the CBN would still refund the company directly from its own purse later, would they have been justified in still hanging on to the money?? Why do you think all Nigerians are crooks? Is it because your mind is so warped that you cannot see the truth, even when it hits you?? |
Re: How Dino Melaye Misled The Senate On TSA, Remita by mindthing: 6:38pm On Nov 13, 2015 |
edogirl2: Remember the 1% income derived is being shared with SystemSpecs by CBN and the banks. It is cheaper and more efficient for all parties to get their share of the income at source. It makes for less transactional charges and fewer accounting entries to split immediately. This was also part of the contractual agreement that had World bank oversight. Besides, there are detailed reports provided by the platform showing exactly how the money is moving. It is why the initial 25bn allegation was quashed very quickly and CBN knew what to expect back, countering Dino Melaye's wild and un-founded assertions. SystemSpecs wasnt 'caught' and didnt 'rush' to return money. When President Buhari was told about the contractual terms (way before Dino Melaye came out ranting), he ordered the earnings from everyone (not just SystemSpecs) returned and charges suspended for now till re-negotiations are concluded... So FGN has been using Remita to channel revenue to the TSA for weeks now at no charge. If this is not integrity, i dont know what it is. 2 Likes 1 Share |
Re: How Dino Melaye Misled The Senate On TSA, Remita by edogirl2: 6:40pm On Nov 13, 2015 |
Contract will be reviewed and if necessary put back out for public bid. There is no justification for paying 1% of the nation's commonwealth under a scam contract. Once the investigations are carried, and if the contract if put out for a bid under new and fair terms, if Remita likes it can bid, otherwise it can zap off. It wont be missed. Enough of stealing is not corruption. End off. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 6:45pm On Nov 13, 2015 |
edogirl2: Was there anything in the contract signed between the company and CBN, that forbids the firm from deducting the 1% transaction fee at source?? I wish you could publish this your silly comment in a newspaper or magazine, so that the company could sue you for libel. (i.e. defamation of name and character in a written form). They would make millions without having to lift a finger! mindthing: Thank you for educating the clueless!! Let us hope it sinks into their brains! At the time CBN started using Remitta in January 2012, no one knew that this APC Govt would come in later to order that the entire TSA accounts from all tiers of govt, MDGs, parastatals etc., would be transferred to CBN. The volume of those transactions alone, is what made the 1% fee appear so huge. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by westreign(m): 6:59pm On Nov 13, 2015 |
I fear for this Dino Guy, I hope he doesn't get the Farouk Lawan treatment soon. That is by the way. TSA shouldn't be a drain pipe for some privilege few. Let CBN own the process not one firm that can't even employ it's citizens. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 7:03pm On Nov 13, 2015 |
westreign: You are asking CBN to own the process?? Who says that they do not currently own it?? The company is merely providing them with a platform, to drive that process. You obviously know nothing about payment processing platforms. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by 9jatriot(m): 7:20pm On Nov 13, 2015 |
I think you, mindthing and edogirl2 are saying the same thing from different angles. edogirl2 is looking at the total amount and not the percentage. mindthing and laudate understand the banking process and have clarified the whole process, however edogirl2 may be right about investigating the contract to be sure that it was not meant to be a front for a backend syphoning of cash. Like you said this is not a PDP or APC thing, it is a financial process and we should be happy that the money is for an indigenous firm at least they will pay tax from that money. Who knows some other countries may start buying the application and in the process funds will be generated and jobs created. laudate: |
Re: How Dino Melaye Misled The Senate On TSA, Remita by mickey45: 9:15pm On Nov 13, 2015 |
edogirl2: you may need to read-up how Jimoh Ibrahim made his money, he offered the same service and got paid! Really paid!! The so-called 1% as has been mentioned by someone earlier isn't just for the system specs people but for all "clearing houses" involved (they get to have only .005% even though that's not thousands either). In all, the banks still make their money, just that they don't have access to it for lending. And like I said earlier, a contract is a contract. Reviews are possible, but unless a case of wrongdoing can be legally ( and not newspaperly) established, you don't just arbitrarily order a refund. If they have complied, it might mean either or both of a tacit admission on their part or they just don't want to lose the contract considering the loss it would translate into for them which is pure coercion. Finally, you saying "this contract is going Down!!!", I hope it's not the El-rufai kind whose "whistleblowings" about NNPc has been rumored to be because he was "denied a piece of the pie" 1 Like |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 9:27pm On Nov 13, 2015 |
mickey45:True!! The 1% transaction fee is meant to be shared between the company and all the existing 26 commercial banks. mickey45: How is their compliance a tacit admission?? An 'admission' of just what, exactly?? The refund was a presidential order given by Buhari, because he wanted all funds pertaining to the TSA Accounts (including fees), to be placed exclusively in Central Bank. There was no evidence of wrong doing on the part of the company, or on the part of CBN or the commercial banks in this case. The company bidded for the job to install a payments and collections platform for CBN. Out of all the firms that bidded, this company was selected by World Bank Project Team and CBN as well as the Office of the Accountant-General of the Federation, after a full technical evaluation and commercial review had been conducted. Did you even read through all the comments made on this entire thread before rushing in to make this specific comment?? |
Re: How Dino Melaye Misled The Senate On TSA, Remita by mickey45: 10:27pm On Nov 13, 2015 |
laudate: 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 |
Re: How Dino Melaye Misled The Senate On TSA, Remita by laudate: 10:30pm On Nov 13, 2015 |
mickey45: The firm and the commercial banks are entitled to 1% fee on the transactions that go through the Remitta platform. There is nothing in their contract that says it is illegal for the 1% to be deducted at source. Please read through all the comments on this entire thread starting from the beginning to the end, before you chip in. |
Re: How Dino Melaye Misled The Senate On TSA, Remita by mickey45: 10:46pm On Nov 13, 2015 |
doctokwus: 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. |
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