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Kolade, Ndukwe behind N60billion TSA collection Company
Dr. Christopher Kolade, Board Chairman of Systemspec

Kolade, Ndukwe behind N60billion TSA collection Company


Story By Leke Adeosun

Nigeria’s former High Commissioner to the UK, Dr. Christopher Kolade and Former Executive Vice Chairman of the Nigeria Communications Commission (NCC), Dr. Ernest Ndukwe are the Board Chairman and Director respectively of the company that has been fingered in the N60billion TSA commission palaver.

The  company called  SystemSpecs Limited was founded in 1991 as provider of epayment, financial, and human capital software solutions and  actually owns a software called “Remita” which has been deployed for the collection of the TSA-and it has so far been paid an agreed commission for the service.

Contrary to the N25 billion being bandied as cost of TSA collection, the amount involved is about N8 billion being one per cent cost of TSA mop-up and remittances to CBN.

The N8 billion, according to sources, is to be shared among System- Specs, CBN, banks and the Office of the Accountant General of Federation (OAGF).

It was learnt that the N8 billion collected as one per cent of the cost of TSA mop-up was returned to CBN coffers last month. The TSA implementation, we gathered,  did not cost the Federal Government a dime.

“The Federal Government didn’t pay us a dime for TSA. But all parties involved, the CBN, banks, SystemSpecs and OAGF agreed on one per cent as transaction charges.” The company source revealed

“The one per cent we charged applied to normal collection of revenue for government, but when we are now enlisted to use our software platform, Remita, to mop up TSA funds from banks to the CBN, we discovered that one per cent, as cost of mopping the funds to CBN could be much.

When the funds started accruing and it had accrued to N8 billion, the CBN wrote us last month to stop charging percentage and we returned the money to CBN,” the source said.

He said during the implementation of TSA and mopping of funds by the company, agencies such as NCC, Nigeria Ports Authority (NPA) and others with fat balances in banks whose one per cent cost of collection were deducted, increased the cost of collection to N8 billion.

Meanwhile the Central Bank of Nigeria has stated that there is no fraud in the TSA implementation.

According to CBN’s Director of Corporate Communications, Mallam Ibrahim Mu’azu,t the exercise, which was transparently conducted, is not a fraud. It is a case of mis representation of facts, and I am sure this will be resolved in the coming days.



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