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TSA: Senate Directs CBN To Terminate Contract With SystemSpec

The Senate has directed the Central Bank of Nigeria (CBN) to immediately terminate the 2013 renewal contract with SystemSpecs on the Treasury Single Account (TSA). … Continue reading TSA: Senate Directs CBN To Terminate Contract With SystemSpec


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SenateThe Senate has directed the Central Bank of Nigeria (CBN) to immediately terminate the 2013 renewal contract with SystemSpecs on the Treasury Single Account (TSA).

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.

On December 11th 2015, a federal lawmaker during plenary raised an alarm that the appointment of a private firm to mop up government revenue from Ministries, Departments and Agencies (MDAs) into the Treasury Single Account, is a gross violation of Section 162 (1) of the 1999 Constitution and the Banks and other Financial Institutions Act.

The Senators also disapproved of a one percent commission, which the private firm was allegedly collecting to mop up revenue.

Presenting the report, the Chairman of the Finance Committee, Senator John Enoh, said in their investigations, they discovered a number of systemic weaknesses in the implementation of the TSA.

The Committee made 11 recommendations, which were all approved by the senate.

The CBN was further directed to show evidence of all refunds made by SystemSpecs and also identify and recommend for prosecution, all those involved in approving the contract.

In his remark, Senate President, Dr Bukola Saraki, re-iterated that the CBN must show evidence of compliance with all the directives of the Senate.

The Senate also directed the CBN to carry out an in-house enquiry to sanitize its system of awarding contracts.