November 27, 2008 1007 VIEWS

2009 SystemSpecs eyes the Stock Exchange


“To be the leading provider of Qualitative Financial and Human Capital Management Software Solutions to discerning clients in the Nigerian and larger African market. SystemSpecs has emerged as a leading provider of Financial and Human Capital Software Solutions for the Nigerian and African environment. Today, about 200 high profile organisations across various sectors of the economy have entrusted their financial and human capital management software solutions requirement to us” (Source: Official website of SystemSpecs)


Proshare NI sought to find out more about SystemSpecs, software solution providers and a review of the company’s performance in year 2008 in the Information Technology (IT) industry.


In this interview with PETER OBIORA of Proshare NI, John Tani Obaro, Managing Director (MD) of the IT Company discusses issues relating to needs of IT; especially the e-payment platform, the Federal Government’s (FG’s) approval for the e-payment system in the government level come January 01, 2009.


Other issues discussed include SystemSpecs plans to go public by eyeing the Nigerian Stock Exchange (NSE). Its Remita product, plans for investors in the event of going public and future outlook of the company. Excerpts:



Year 2008 review of SystemSpecs


A lot of things have moved rapidly in the environment in terms of Information Technology (IT) awareness. I think there have been quite some preparations for what I may call a major leap from the Private Sector; we can see a lot of moves towards Electronic Payment (e-payment).


Also the Government is beginning to show a lot of interest in that area; so I see a situation which I can confirm that a strong foundation has been laid for a major leap of SystemSpecs in the coming year 2009.


In the last 11 months of the company, we have been able to consolidate our leadership in our main area of operation; Human Resource and of course our new solution for the e-payment industry.


The last 11 months has seen SystemSpecs providing end to end solutions for the recruitment to payment in places like the Banking industry, all the bureaucracies of a staff, there is no manual intervention; that has been consolidated this year.


Needs and solutions


In terms of a need, it is clear that there is a need and in terms of a solution; by the time you see Remita, you can see that it addresses the need.


As a corporate entity, sometimes internet access constitutes a challenge; however, it is getting better; especially with the advent of data cards from different players in the IT industry.


At the Banking end, we still have a situation in which some banks have not prepared for the kind of volumes that are beginning to come and which will really continue.


I foresee a situation in which some banks may still not be able to operate very well in terms of their position in the e-payment industry.


However, I do not want to believe it will be a long term problem; because any Bank that is not at least able to receive electronic payments; should not expect to be in business for much longer; to that extent the banks are putting a lot of efforts to ensure that this problem is resolved.


Some of them are doing very well; both in terms of being able to pay and receive payments electronically.


SystemSpecs aiming to go public


The time has come for us to spread out the ownership structure of the organisation, so going public is something we would be considering in year 2009.


We have financial experts that would structure out the best way we would achieve this. However, our primary objective is that we would want to begin to broaden the ownership and empower ourselves to make maximum impact in the industry.


Stakes in SystemSpecs


Essentially, it is a company that was started about 16 years ago; which was driven initially by an individual. I came out as an Entrepreneur from my Baking industry background.


As part of preparation to begin to spread out, we invited Dr. Christopher Kolade to come in as the Chairman of SystemSpecs which he graciously accepted.


Thus, he is currently the Chairman of the company and by next year, I believe we would be in a position to spread out like I affirmed earlier.


SystemSpecs and plans for prospective investors


The truth of the matter is that the IT industry in Nigeria; especially the segment where we play, the opportunities are so huge; it is practically like virgin land.


From the technology point of view, we have a working solution and if this be the case, there is a huge market untapped in front of us in Nigeria, Africa and the other parts of the world.


I am yet to come across a Remita kind of product; especially for corporate bodies considering the end to end solution that it provides of delivering not just payments; but schedules to associated third parties.


The only gap is taking it to the Market and once we are able to do this, paying dividend to our investors is a necessary end.


SystemSpecs and market share in IT industry


We currently have about 200 discerning clients; we cover the Oil and Gas, Telecoms, Banking, Insurance and other sectors of the Nigerian economy. Therefore, to this extent, we have a good share of the IT market.



Future outlook


SystemSpecs would expect to deepen the Market; especially in Nigeria, this is interesting; because of the fact that Umaru Musa Yar Adua, President of the Federal Republic of Nigeria has announced the e-payment system at the Federal level and we see that as a major opportunity for a ready solution like “Remita”.


We obviously saw the future and we knew that a time will come; the Government, Corporate bodies and Individuals would need a solution like Remita which would enable them do e-payment from one end to the other.


It has been very encouraging that the President has given his approval that from January 01, 2009, payment of Government suppliers, contractors and salaries must be done electronically and this is a solution that we have perfected and that gives us a bright hope for the coming year.


We have just finished a meeting with Interswitch and we are partnering to establish a default solution for the industry; which is Remita riding on Interswitch; that is a solution that we intend to use in pushing the market next year.


Again, we are very excited by the solutions which we have on ground today; SystemSpecs is also very excited about Remita; which we would be spreading out to individuals shortly; though it has been positioned as a corporate solution all the while, we intend to move to individual payment.


We see interesting opportunities ahead, both in terms of delivering our financial solutions such as the “SunSystems”; our Human Capital Management Solution; “Human Manager” and so on; I see a bright future for SystemSpecs.



FACTS CHECK:  Remita is an electronic courier service that rides on secured e-payment platforms to deliver funds to bank accounts and associated schedules to relevant bodies in pre-specified formats. Remita delivered by SystemSpecs, Nigeria’s leading software house, can at the touch of a button enable your organization to make:-


Salary Payment

Remita enables organizations to make direct payments to their employees’ accounts. These employee accounts need not be in the same bank as the organisation’s bank account. Employees receive their salaries as soon as payment is made via Remita. They also receive email and optional SMS alerts whenever salary payment has been made to their account.


Remita allows individuals and organizations to issue electronic cheques to vendors and other third parties. The third party account may be in the same or other banks. These cheques get immediate value as they do not need to pass through the clearing process. Remita generates payment advice to the funds recipient as soon as payment is made. The payment advice is delivered as email and/or SMS alert.


Pension Remittance

Remita helps organizations to make pension contribution payment to the relevant contribution accounts held in the custody of the Pension Fund Custodians (PFC). Whenever these payments are made to the respective accounts, Remita automatically generates the payment schedule which is made available to the PFA and PFC.


PAYE Tax Remittance

Remita enables organizations to make PAYE tax payments to the appropriate Boards of Internal Revenue. Remita also generates tax schedules to support each tax remittance. These schedules are appropriately made available to the respective Boards in real time. This saves the time required to achieve this through alternative means. (Source: Official website of SystemSpecs)





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