https://www.nairaland.com/2733213/central-bank-recovers-n8.6bn-owner

[b]Central Bank Recovers N8.6bn From Owner Of Remita, Systemspecs last week

Emir Sanusi Panics
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.

Throwing more light on the e-Payment/e-Collection Remita software, which the Senate on Wednesday resolved to probe, CBN sources said the implementation of the modular solution was approved by the former CBN Governor who is currently the Emir of Kano, Alhaji Muhammad Sanusi II, and former CBN Deputy Governor, Operations, Mr. Tunde Lemo, in 2011 to facilitate the transfer of government revenue to the TSA.

On Wednesday, the Senate had ordered its joint Committee on Finance, Banking and Other Financial Institutions and Public Accounts to probe the allegation that the e-Collection agent, Remita, had been paid 25 billion, being the 1 per cent commission it charged for the transfer of N2.5 trillion of federal government funds to the TSA.



https://www.nairaland.com/2740928/fayose-fg-tell-nigerians-owners
Ekiti State Governor, Ayo­dele Fayose, has challenged the Federal Government to unmask the owners of REMITA, a consultancy company which allegedly collected N25 billion fee in a day for transferring N2.5 trillion to the Treasury Single Account (TSA) on behalf of the government.

The governor said on Sunday that he would not attend the meeting called by the Federal Government with state governors on the TSA because his administration is not interested in the TSA policy, describing it as fraud against Nigerians by the All Progressives Congress (APC) led Federal Government.

In a press statement issued on Sunday by his Special Assistant on Public Communications and the New Media, Mr. Lere Olayinka, the governor asked the Federal Government to rather "remove the veil on the face of REMITA so that Nigerians can know the real owners through whom the All Progressives Congress (APC) is siphoning Nigeria's money to fund Kogi and Bayelsa states' governorship elections."

He continued: "From all intent and purposes, this TSA policy is aimed at recouping money spent on the last general elections by the APC, as well as raise money for future elections, especially the Kogi and Bayelsa states' gubernatorial polls.

"It is also meant to enrich some individuals for doing virtually nothing and that can be seen from the discovery of N25 billion that already accrued to just a single company in one day!

"How can the Federal Government justify a transaction in which a single company gets one per cent, amounting to N25 billion in one day?
"In this economic situation that Nigeria is, shouldn't the one per cent commission have been negotiated downward to like 0.1 per cent which would have reduced the N25 billion to N2.5 bil­lion?

"Even manufacturing compa­nies, with thousands of employees don't make N25 billion profit in a month. Therefore, what Nige­rians are expecting from the Federal Government is explanation on the alleged N25 billion scam already associated with the operation of the TSA, instead of calling state governors to a meeting that is aimed at imposing the TSA policy on the states," he said.

Hmmmm fayose again?

Aal izz well...

Hmm.. Very offensive

The APC goons started their propaganda on a dangerous level against the Jonathan government just to get a power grab now they have it.........and Fayose had promised to give them a dose of their own machinations in equal measure but this time around with FACTS! From the look of things, REMITA will likely be a private company of a strong APC henchman.....probably, a Mallam. I can only pray unto God to keep and save Fayose for us. (Amen).

tomakint:
The APC goons started their propaganda on a dangerous level against the Jonathan government just to get a power grab now they have it.........and Fayose had promised to give them a dose of their own machinations in equal measure but this time around with FACTS! From the look of things, REMITA will likely be a private company of a strong APC henchman.....probably, a Mallam. I can only pray unto God to keep and save Fayose for us. (Amen).

Fayose is saying rubbish. His allegations have already been debunked by CBN.

Remita does not belong to any APC henchman. The company that owns the platform has been in existence for over 23 years.

You know that our country is in a deep poo when you see people defending a contract that allows a single company to deduct N25b from our money in a single day in this economic hard time. Such contract has to be thoroughly probed, this if allowed may lead to another such contract that will run the nation down financially.

nnachukz:
You know that our country is in a deep poo when you see people defending a contract that allows a single company to deduct N25b from our money in a single day in this economic hard time. Such contract has to be thoroughly probed, this if allowed may lead to another such contract that will run the nation down financially.

Have you conducted any research to verify Fayose's claims? The money paid out was 8.6 billion from inception, since 2012 till now, not 25 billion daily! Haba!! CBN has come out to say only 1% transaction fee would be deducted and that 1% will be shared between the company, the CBN and all commercial banks involved. So how can you people be recycling a fallacy?? Chai!

The money was even refunded directly to CBN when Buhari's directive came through, that all payments, inclusive of transaction fees and commissions etc., should be paid to CBN in its entirety.

Why are Nigerians so gullible as to swallow every piece of gossip that they hear??

Full details of TSA: Dino Melaye misled Nigerian Senate on N25 billion claim

Contrary to the alarm raised by the Senate over the alleged illegality and exorbitant commission charged for the deployment of Remita, an e-payment software used for the transfer of Federal Government’s funds from financial institutions into a single treasury account (TSA), PREMIUM TIMES can authoritatively report that the use of the software is not only legal but also represents a drastic cut of the commission previously charged by banks for collection of government revenues.

Also, findings reveal that the commission collected by SystemSpecs, the owners/developers of Remita, is nowhere near the N25billion Dino Melaye (APC, Kogi West) alleged to have been collected by the firm.

It was Mr. Melaye who originally moved the motion on the Senate floor for the payment to be investigated.

Last Wednesday, following Mr. Melaye’s motion, the senate ordered its committee on finance and public accounts to immediately commence an investigation into the use of Remita (which it erroneously described as an e-collection agent) for remitting government funds into the TSA, and its alleged collection of N25 billion commission being one per cent of the alleged N2.5 trillion it remitted into the TSA.

Mr. Melaye had argued that the use of Remita was a violation of Section 162(1) of the constitution, which stated that “the federation shall maintain a special account to be called the federation account into which all revenues collected by the government of the federation except the proceeds from the personal income tax of the personnel of the Armed Forces of the Federation, the Nigeria Police Force, the ministry or department of government charged with foreign affairs and the residents of the FCT, Abuja”.

Mr. Melaye further stated that the Central Bank of Nigeria could only appoint a registered bank as an agent for collecting and disbursing the funds.

He said that since Remita was not a bank, its appointment as a collection agent was in violation of the CBN Act and the Banks and Other Financial Institutions Act (BOFIA) 2007.

According to him, Remita collected N25 billion “for doing nothing.”

However, documents, including the service agreement between SystemSpecs and CBN, correspondence between the company and the office of the Accountant General/ CBN as well as a letter to President Muhammadu Buhari, seen by PREMIUM TIMES, show that not only was the commission charged backed by law, it is shared by the company, commercial banks and the CBN.

Although the commission is nowhere near the exaggerated N25 billion touted by Mr. Melaye, the one per cent charge also represents a drastic reduction from between the two per cent and 46 per cent commission charged by commercial banks in some instances for collecting government revenues.

In a telephone interview with PREMIUM TIMES, the CBN Director for public communications, Ibrahim Muazu, dismissed the amount quoted on the floor of the senate as “completely misleading.”

“That is false. That is false,” he repeated for emphasis.

“It is grossly exaggerated. We are talking of one per cent. What is one per cent of the money? Have we collected up to a trillion? That is a completely misleading information. Even at the beginning of the TSA the estimation of all the movement of federal government funds into the account is N1.2 trillion,” he added.

When asked to tell the total amount moved into the TSA, Mr Muazu said: “I cannot give you the exact amount now but I know it is far, far, far lower than N2.5 trillion.”

The Agreement

According to the service agreement between the parties, signed by Eunice Ikekhuah and Aderemi Atanda of SystemSpecs on December 4, 2013, and H.M Yusuf and R.A Olaniyan of the CBN on December 11, 2013, Systemspecs and the CBN agreed to deploy Remita, a T24 banking application, for executing payment instructions and collection of government revenue.

Apart from the collection of revenue, Remita is also used for payment of salaries, payment of taxes, payment of pension, payroll processing biometric verification, among other uses.

In a letter dated November 6, 2015, to Mr. Buhari, SystemSpecs explained that “all commercial banks and over 400 Micro Finance Banks in Nigeria” are connected to the software. The company also explained that 705 Ministries, Departments and Agencies (MDA) are currently using the software as payment and collection platform.

So, contrary to Mr Melaye’s argument in the senate, Remita is indeed a software that facilitates the payment of government revenue from financial institutions to a TSA in the CBN and not a revenue collection agent.

Also, contrary to Mr. Melaye’s submission, the entire one per cent commission does not go to SystemSpecs. The commission is shared by the CBN, commercial banks, and the CBN.

“A tariff of 1% of the funds collected shall be charged for the government revenue collections: i. Platform Owner/SystemSpecs: 50%, ii. Collecting Agents/DMBs (banks): 40%, iii. Introducer? CBN: 10%,” the agreement reads.

SystemSpecs further explained that at a seminar organised by the CBN and the Office of the Accountant General of the Federation (OAGF) May27-28, 2013, it actually proposed a commission of 1.5 per cent, It explained that commercial banks actually proposed 5 per cent, while a committee set up by the CBN and the OAGF proposed 2.5 per cent.

It explained that it was the then Accountant-General of the Federation that actually overruled all the suggested commission and reduced it to one per cent.

However, the company said it was surprised to receive a letter from the CBN, signed by Dipo Fatokun, Director, Banking and Payments System Department, on October 27, 2015, directing it to refund all charges it collected from MDAs for implementation of the TSA.

“I have been directed to inform you that you should refund all charges (1% cost of collection) made into the MDAs accounts as a result of the implementation of the TSA,” the letter reads.

“The total amount should be credited into the account mentioned below:

“FGN Revenue e-Collection Pool Account at the Central Bank of Nigeria Account Number: 0020054161043

“Since the cost of the collection must have been shared by all the stakeholders, you are hereby required to also provide a schedule of the total amount collected and the portion that was shared to each of the three participants. The schedule should be prepared on month by month basis, from the commencement of the TSA implementation in March 2015, to date. We will recover the share to the CBN and the DMBs,” the letter explains.

SystemSpecs explained that after the kick off of the TSA, following a deadline announced by Mr Buhari, the OAGF invited it for a meeting where it was told that following the enlarged scope of the TSA, the government wanted to review the charges.

“We wrote to the CBN to give a brief on the meeting with OAGF and said inter-alia that, while on our part, SystemSpecs is not averse to a review of the existing transaction fee to a figure that is agreeable to all parties, we would however advise of the need to carry along the DMBs as you will recall that the current fees were agreed with the banks and communicated by CBN via a circular in December 2013,” the firm stated in a letter to the CBN governor.
Reduction of cost

In the same letter to the CBN Governor, SystemSpecs further explained that the one per cent charge actually represents a drastic reduction of the amount the Federal Government had to pay for the collection of its revenue before the implementation of the TSA.

“Your Excellency will recall that one of the primary focus of the TSA project is to retrieve funds from the banks who were indirectly lending the government money back to government at about 15%. Hidden cost to government? Arguably 15%.

“Remita provided a technology to empower government retrieve her funds immediately customers pay at Deposit Money Banks. No overnight stay at any bank. Is 1% to be shared by all parties really too high to pay for such a service?”

For instance, the firm explained, banks charge as high as 46 per cent for National Open University (NOUN) charges, nine per cent for Joint Admissions and Matriculation Board (JAMB) fees, and six per cent on Federal Road Safety Commission (FRSC) National Drivers’ License charges.

Thus in its letter to the President, SystemSpecs appealed for the return of its fees and those earned by the partner banks seized by the CBN.

Mr. Muazu corroborated SystemSpecs narratives during the telephone chat with PREMIUM TIMES.

“The information you are given is in line with the agreement dating back to 2011. That is a fact. They started it actually when the TSA came up. The one per cent was, yes, agreed at that time. But now with the issue at hand everything needs to be reviewed and agreed.

“But truly the banks, the CBN and themselves are stakeholders. What is it that we are talking about? It is the software or the platform. You can’t do everything free for doing any business. The banks that are doing the e-collection they pursue agencies and other sources of revenue. Not just taking the value. So it is actually an arrangement for the service to be provided. That software that is being used by the platform has to be maintained apart from the initial design,” he said.

He said the CBN asked SystemSpecs to return the commission already collected to enable it renegotiate the terms of the contract.

“Now we are having a new arrangement. It’s not just e-collection. Central bank is now in charge of government revenue. So the old arrangement cannot continue. So when the issue started the central bank gave the order and the money were all paid back to the government.

“Look at it this way, you have a product that you are allowing someone to use, it can’t be free,” he said.

http://www.premiumtimesng.com/news/headlines/193213-full-details-of-tsa-dino-melaye-misled-nigerian-senate-on-n25-billion-claim.html

Fayose is a 1 man army. Yoruba keep defending a fulani man thats attacking your governor.

"In this economic situation that Nigeria is, shouldn't the one per cent commission have been negotiated downward to like 0.1 per cent which would have reduced the N25 billion to N2.5 bil­lion?

Face it Buhari can not handle these slicksters.

biafranqueen:
"In this economic situation that Nigeria is, shouldn't the one per cent commission have been negotiated downward to like 0.1 per cent which would have reduced the N25 billion to N2.5 bil­lion?

See Nigerians and the way they jump to wrong conclusions!! Which 25 billion?? Haba!

laudate:


See Nigerians and the way they jump to wrong conclusions!! Which 25 billion?? Haba!

25 billion, being the[b] 1 per cent commission[/b] it charged for the transfer of N2.5 trillion of federal government funds to the TSA.

biafranqueen:

25 billion, being the[b] 1 per cent commission[/b] it charged for the transfer of N2.5 trillion of federal government funds to the TSA.

Where did you get info that 2.5 trillion was transferred?? Even CBN said that less than that amount was transferred. The entire TSA account is not up to 2.5 trillion!!

Madam, can't you do your research instead of just swallowing gossip and hearsay, hook, line & sinker??! And coming online to recycle it?? 25 billion is not the total 1% transaction fee that has been earned so far. It is 8.6 billion. The amount is to be split between the commercial banks, the CBN, and the company operating & maintaining the platform! Chai!!

laudate:


Fayose is saying rubbish. His allegations have already been debunked by CBN.

Remita does not belong to any APC henchman. The company that owns the platform has been in existence for over 23 years.

It seem like you know very well. Pls tell REMITA to REMIT back our MONEY

laudate:


Fayose is saying rubbish. His allegations have already been debunked by CBN.

Remita does not belong to any APC henchman. The company that owns the platform has been in existence for over 23 years.

It seem like you know them very well. Pls tell REMITA to REMIT back our MONEY

Okanokan:
It seem like you know very well. Pls tell REMITA to REMIT back our MONEY

You are the one that lacks knowledge. Your money is NOT missing! Do your research!!

laudate:


Where did you get info that 2.5 trillion was transferred?? Even CBN said that less than that amount was transferred. The entire TSA account is not up to 2.5 trillion!!

Madam, can't you do your research instead of just swallowing gossip and hearsay, hook, line & sinker??! And coming online to recycle it?? 25 billion is not the total 1% transaction fee that has been earned so far. It is 8.6 billion. The amount is to be split between the commercial banks, the CBN, and the company operating & maintaining the platform! Chai!!

http://www.vanguardngr.com/2015/09/tsa-banks-move-n1-2-trn-to-cbn/

About 1.2 trillion Naira, or 10 per cent of banking sector deposits, is expected to be transferred to the government account with the Central Bank in the course of implementing the TSA policy. This was in September.

Deposit Money Banks (DMBs) have so far moved an estimated N2 trillion, out of the[b] N3.5 trillion public sector funds in their vaults [/b]to the Central Bank of Nigeria (CBN), it was learnt yesterday.

This is in line with the Treasury Single Account (TSA) policy of the Federal Government, which is meant to improve transparency and accountability in the management of revenue.

A major money market operator said there had been no report of violations from the banks, except for some Ministries, Departments and Agencies (MDAs), where some are yet to comply with the TSA deadline which ended on Tuesday.

It was not in a single transaction SIR

Managing Director, Meristem Securities Limited, Sulaiman Adedokun, said some of the banks which did not have the needed liquidity to move the funds immediately had to sell-off their liquid instruments like Treasury Bills and Federal Government bonds to get the needed cash in the transaction.
He said the CBN is working out measures to cushion the negative impact the movement of the funds will have on banks’ balance sheets and amount of cash available for lending. This, he said, is based on the regulator’s new policy promoting growth and development of the economy.

biafranqueen:

http://www.vanguardngr.com/2015/09/tsa-banks-move-n1-2-trn-to-cbn/

About 1.2 trillion Naira, or 10 per cent of banking sector deposits, is expected to be transferred to the government account with the Central Bank in the course of implementing the TSA policy. This was in September.

Continue, you are getting there....

It is obvious that you are gradually moving away from the false 2.5 trillion figure, that was being bandied about earlier.

laudate:


Continue, you are getting there....

It is obvious that you are gradually moving away from the false 2.5 trillion figure, that was being bandied about earlier.

Go read what I added and stop co-signing corruption.
That is too much for one transaction yes or no?

laudate:


You are the one that lacks knowledge. Your money is NOT missing! Do your research!!

Go and read the CBN Act and you will see where Nigerians are coming from. Pls go through my post on the issue to see if i lack the knowledge. However, CBN said REMITA has returned 8.6 Billion, if Nigerians didn't complain the money would have entered one chance, and as an afterthought CBN is saying the 1% is too high.

biafranqueen:

Go read what I added and stop co-signing corruption.
That is too much for one transaction yes or no?

Madam, you are the one endorsing corrupted stories, and ignorance!! And you have refused to educate yourself! The entire TSA account is not up to 2.5 trillion. Now you have said 1.5 trillion. If the amount collected is not up to 2.5 trillion, how could 25 billion have been charged as 1% transaction fee??

CBN itself has issued a statement, on the matter saying that the 1% fee is to be shared between CBN, the commercial banks and the firm. Last time I checked, there were 26 commercial banks in this country. Why on earth are people so ready to swallow any false assertion made by any governor, senator or public official??

It reminds me of when Oshiomhole was making noise that America gave a list of fraudulent Nigerian public officials to PMB. America came out to deny it, sharp-sharp! Who ended up looking like the 'mugu'?? Oshiomhole and his supporters. Fayose and that fraudulent senator Dino Melaye, are the ones building a case on inaccuracy and falsehood. We are watching how the matter will end in 3D.

laudate:


Madam, you are the one endorsing corrupted stories, and ignorance!! And you have refused to educate yourself! The entire TSA account is not up to 2.5 trillion. Now you have said 1.5 trillion. If the amount collected is not up to 2.5 trillion, how could 25 billion have been charged as 1% transaction fee??

CBN itself has issued a statement, on the matter saying that the 1% fee is to be shared between CBN, the commercial banks and the firm. Last time I checked, there were 26 commercial banks in this country. Why on earth are people so ready to swallow any false assertion made by any governor, senator or public official??

It reminds me of when Oshiomhole was making noise that America gave a list of fraudulent Nigerian public officials to PMB. America came out to deny it, sharp-sharp! Who ended up looking like the 'mugu'?? Oshiomhole and his supporters. Fayose and that fraudulent senator Dino Melaye, are the ones building a case on inaccuracy and falsehood. We are watching how the matter will end in 3D.

Post where TSA said that

Okanokan:
Go and read the CBN Act and you will see where Nigerians are coming from. Pls go through my post on the issue to see if i lack the knowledge. However, CBN said REMITA has returned 8.6 Billion, if Nigerians didn't complain the money would have entered one chance, and as an afterthought CBN is saying the 1% is too high.

Guy, you are really gullible, o! CBN has come out to clarify quite clearly that Remitta is just a processing platform through which funds are routed into CBN account, and they are not a collection agency or a bank. And you are still here talking about CBN Act. Okay, which portion exactly of the CBN Act, are you talking about? Kindly clarify.

Are you even aware that the commercial banks wanted to collect a 5% transaction fee??! But this was negotiated down to 1% by the Accountant-General of the Federation, and they were ordered to split the 1% fee?

Why are Nigerians so eager to swallow lies, half-truth and false stories, for goodness sake??! Anyway, I leave you to continue believing the deceit that fraudulent Melaye and Fayose are spewing out.

The rest of us are waiting to see how this story will end...hehehe...

biafranqueen:
Post where TSA said that

Madam, TSA is not a person. You need to be more explicit. Kindly clarify what you mean. Thanks.

biafranqueen:


http://www.vanguardngr.com/2015/09/tsa-banks-move-n1-2-trn-to-cbn/

About 1.2 trillion Naira, or 10 per cent of banking sector deposits, is expected to be transferred to the government account with the Central Bank in the course of implementing the TSA policy. This was in September.

Deposit Money Banks (DMBs) have so far moved an estimated N2 trillion, out of the[b] N3.5 trillion public sector funds in their vaults [/b]to the Central Bank of Nigeria (CBN), it was learnt yesterday.

This is in line with the Treasury Single Account (TSA) policy of the Federal Government, which is meant to improve transparency and accountability in the management of revenue.

A major money market operator said there had been no report of violations from the banks, except for some Ministries, Departments and Agencies (MDAs), where some are yet to comply with the TSA deadline which ended on Tuesday.

It was not in a single transaction SIR

Managing Director, Meristem Securities Limited, Sulaiman Adedokun, said some of the banks which did not have the needed liquidity to move the funds immediately had to sell-off their liquid instruments like Treasury Bills and Federal Government bonds to get the needed cash in the transaction.
He said the CBN is working out measures to cushion the negative impact the movement of the funds will have on banks’ balance sheets and amount of cash available for lending. This, he said, is based on the regulator’s new policy promoting growth and development of the economy.

Madam, can you cite your source for this info?? Because the person saying that 3.5 trillion was moved, and there were no reports of violations by the banks, needs to tell us why Skye bank was fined for failing to meet the deadline for moving the TSA Account in its coffers to CBN. Kindly read this:

TSA: CBN Fines Skye Bank N4bn for Concealing MDAs' Funds | ThisDay Newspapers | by Tokunbo Adedoja

Less than two weeks after it sanctioned two major banks for flouting Federal Government directives on Treasury Single Account, the Central Bank of Nigeria (CBN) has imposed a fine of N4 billion on Skye Bank for concealing funds belonging to Ministries, Departments and Agencies (MDAs).

In a circular from CBN, addressed to the Chairman, Board of Directors of Skye Bank, the apex bank slapped Skye Bank with a fine of N4,005,228,976.35, which it said represents 10 percent of the concealed funds belonging to Federal Government MDAs.
The circular said the amount would be debited from Skye Bank’s current account with CBN.

The CBN circular obtained by THISDAY from industry sources, showed that Skye Bank failed to report MDAs’ balances amounting to N40,052,289,769.47, as at October 23, 2015, more than a month after the TSA deadline had expired.

The Federal Government had directed that balances/receipts due to the government or its agencies be paid into a TSA domiciled in the CBN except otherwise expressly approved. The TSA is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time. A September 15 deadline was given for full compliance with the directive.

CBN's hammer had earlier fallen on two major banks - First Bank of Nigeria Limited (FirstBank) and United Bank for Africa (UBA) Plc for failing to comply with the directive on TSA. While a fine of N1,877,409,905.12 was imposed on FirstBank, UBA was fined N2,942,189,651.45. http://www.thisdaylive.com/articles/tsa-cbn-fines-skye-bank-n4bn-for-concealing-mdas-funds/225038/

laudate:


Guy, you are really gullible, o! CBN has come out to clarify quite clearly that Remitta is just a processing platform through which funds are routed into CBN account, and they are not a collection agency or a bank. And you are still here talking about CBN Act. Okay, which portion exactly of the CBN Act, are you talking about? Kindly clarify.

Are you even aware that the commercial banks wanted to collect a 5% transaction fee??! But this was negotiated down to 1% by the Accountant-General of the Federation, and they were ordered to split the 1% fee?

Why are Nigerians so eager to swallow lies, half-truth and false stories, for goodness sake??! Anyway, I leave you to continue believing the deceit that fraudulent Melaye and Fayose are spewing out.

The rest of us are waiting to see how this story will end...hehehe...

The CBN Act, specifically mentioned that only Banks can carry out the contract of remittance, is Systemspec that owned the Remita platform a bank? and if it is not a bank was the CBN Act amended? Or is it not breach to act outside the provision of the Act? Maybe you will call it administrative breach.

Okanokan:

The CBN Act, specifically mentioned that only Banks can carry out the contract of remittance, is Systemspec that owned the Remita platform a bank? and if it is not a bank was the CBN Act amended? Or is it not breach to act outside the provision of the Act? Maybe you will call it administrative breach.

Which part of the CBN Act?? Can you kindly cite the reference?? What the CBN Act refers to is the collection, and not remittance. Remita is a processing platform, and not a remittance agency or a collection agent, o! Please understand the difference, o!

laudate:


You are the one that lacks knowledge. Your money is NOT missing! Do your research!!

Like the 20b dollars you all shouted about during. PDP era.
We continue to deceive ourselves in this country.
At least the issue of 25b was raised by APC senator not Fayose
We are all in it together

biafranqueen:
Post where TSA said that

Is TSA male or female?

These illiterate villagers no go kill pesin I swear...

henrysam:

Like the 20b dollars you all shouted about during. PDP era.
We continue to deceive ourselves in this country.
At least the issue of 25b was raised by APC senator not Fayose
We are all in it together

Ah, this drama is getting interesting, o! Are you referring to the same 20 billion that Sanusi spoke about in the NNPC saga, which he then had to review the amount almost 3 times??

Guy, why can't that fraudulent APC senator Dino Melaye (who is still unable to account for the source of his flamboyant lifestyle), raise issues based on the facts and the truth? Have you forgotten the way Oshiomhole cried wolf about how America gave a list of corrupt public officials to PMB, only for the same America to turn round to deny it??

aresa:

Is TSA male or female?

These illiterates villagers no go kill pesin I swear...

Ah Egbon, I no know say you sef see am!

laudate:


Have you conducted any research to verify Fayose's claims? The money paid out was 8.6 billion from inception, since 2012 till now, not 25 billion daily! Haba!! CBN has come out to say only 1% transaction fee would be deducted and that 1% will be shared between the company, the CBN and all commercial banks involved. So how can you people be recycling a fallacy?? Chai!

The money was even refunded directly to CBN when Buhari's directive came through, that all payments, inclusive of transaction fees and commissions etc., should be paid to CBN in its entirety.

Why are Nigerians so gullible as to slow every piece of gossip that they hear??

I can't believe my eyes!
Are you not the fake corruption crusader cheering Sanusi stealing people's banks in the name of corruption?
Are you not one of the rumor peddlers and dont-waste-time prosecuting her vigilante that attacked Oduah for buying bulletproof cars for our nation's use at the airports? Now you really want Fasoye to produce proof, something you never bothered to ask for all these years.
Your reversible positions on such day-night issues as corruption means that you really have no principles as a human being, and and as a Nigerian.
Shame on you, you're a curse to your country or any group you tend to represent.

naijaking1:
I can't believe my eyes!
Are you not the fake corruption crusader cheering Sanusi stealing people's banks in the name of corruption?
Are you not one of the rumor peddlers and dont-waste-time prosecuting her vigilante that attacked Oduah for buying bulletproof cars for our nation's use at the airports? Now you really want Fasoye to produce proof, something you never bothered to ask for all these years.
Your reversible positions on such day-night issues as corruption means that you really have no principles as a human being, and and as a Nigerian.
Shame on you, you're a curse to your country or any group you tend to represent.

Bros, you can lie, o!! And you mean some folks actually stooped so low as to click 'likes' in support of your falsehood?? Please can you cite the source of these your stories up here, so that everyone can read and verify?? Where was I cheering Sanusi for stealing people's funds, in the name of corruption??

And where did I prosecute those that attacked Oduah for buying bulletproof cars??

Are you sure you read any of my previous posts on other threads with understanding and comprehension?? Ọ bù ̣ife ọjọō ̣ịgbā àma ūg̣ha ! Bearing false witness is a bad thing, o!! Kindly substantiate your allegations! You appear to be the one that tells bold-faced lies without any qualms, in order to indulge your propensity for deceit! Honestly, you lack integrity!!

Please know that any curses you utter will backfire and go back on your head. Without any delay!!