BREAKING: Senate terminates REMITA contract and orders prosecution of culprits involved

The Nigerian Senate has terminated the contract of System Specs Ltd, the company responsible for the REMITA platform for the Treasury Single Account (TSA).

The Senate also called for the prosecution of the ‘culprits’ involved in the contract.

The report on the abuse and mismanagement of the TSA was read on the floor of the senate by Senator John Owan Enoh representing Cross River Central who headed the committee that probed the contract.

The recommendations one and two of the report on Abuse & Mismanagement of TSA was amended by the Deputy Senate President, Sen. Ike Ekweremadu and Sen. Dino Melaye, who added to the 2nd recommendation that the culprits in the contracts should be identified and & prosecuted.

The senate passed all ten recommendations of the report on Mismanagement of TSA including those amended and one additional recommendation have been passed.

The additional recommendation on TSA report reads: Excess payment made outside what was officially fixed by the Central Bank of Nigeria (CBN) should be refunded.

More details to come.