The Senate has directed the Central Bank of Nigeria, CBN, to end its contract with Systemspecs, the company providing e-payment platform for the operation of Treasury Single Account, TSA, for the Nigerian government.
The Senate is also asking the CBN not to honour the one per cent charge provided in the contract.
The upper chamber gave these directives after considering a report on the alleged abuse of the Treasury Single Account.
Following a motion by Dino Melaye (APC-Kogi State), the Senate had, last year, constituted an adhoc committee headed by John Enoh (PDP-Cross River State) to investigate allegations that the TSA was being mismanaged and that Systemspecs was making excessive gains off the country.
Mr. Melaye alleged that Systemspecs charged the government one percent for each transaction, thereby making N2.5 billion after mopping up N25 Billion transferred to the treasury.
President Muhammadu Buhari said recently that his government recouped N2 trillion through the TSA, meaning Systemspecs would have netted N20 billion.
wever, the Senate asked the CBN to pay Systemspecs agreed fee for the services it had rendered.