Investors behind the proposed Coin Finance Company Limited have demanded a refund of N100.35 million paid to the Central Bank of Nigeria (CBN) for a finance house licence, alongside applicable interest, following the suspension of new licence applications.
The promoter’s representative, Christopher Itua, made the demand in a statement on Sunday, saying the funds had remained with the apex bank for over a year without progress on the proposed institution.
The investors said they paid N100 million as capital deposit, N100,000 as application fee and N250,000 as licensing fee on July 16, 2025.
According to Itua, CBN officials informed the promoters in October 2025 that the processing of new finance house licence applications had been suspended indefinitely.
He said he subsequently wrote to the CBN Department of Financial Policy and Regulation on October 15, 2025, requesting a refund with applicable interest.
The promoters also petitioned the CBN Consumer Protection Department on May 18, 2026, and sent a follow-up letter on July 7, but claimed they had received neither a refund timeline nor a substantive response.
Itua said the prolonged retention of the funds had stalled plans to establish the finance house, which was designed to bridge grassroots financing gaps and support economic activities at the micro level.
The investors are asking the CBN to calculate interest on the N100.35 million from July 16, 2025, when the funds were deposited, until the date of repayment.
