Investors Demand CBN Refund ₦100.35m After Finance House Licensing Suspension

​ Promoters of Coin Finance Company Ltd have demanded an immediate refund of ₦100.35 million deposited with the Central Bank of Nigeria (CBN) for a finance house licence, alongside accrued interest, following the regulator’s suspension of new licensing processing.
​In a statement issued on Sunday, Promoter Representative Mr. Christopher Itua expressed frustration over the apex bank’s 15-month retention of the capital deposit without processing the application or offering a formal payout timeline.
​15 Months Without Action
​According to transaction documents submitted by the promoters, the funds were paid to the CBN on July 16, 2025, breaking down as follows:
​Mandatory Capital Deposit: ₦100,000,000
​Licensing Fee: ₦250,000
​Application Fee: ₦100,000
​However, in October 2025, CBN officials verbally notified the group that processing for new finance house applications had been suspended indefinitely.
​Following the disclosure, the promoters wrote to the CBN Department of Financial Policy and Regulation on October 15, 2025, requesting a full refund with interest. They subsequently petitioned the CBN Consumer Protection Department on May 18, 2026, and submitted a follow-up inquiry on July 7, 2026, but received no formal response.
​”It has now been over 14 months since the CBN took possession of our capital,” Itua said in his latest appeal to the CBN Governor. “The prolonged silence and structural failure to return capital deposits directly undermines the Federal Government’s ease-of-doing-business initiatives.”
​Grassroots Financing Stalled
​Itua explained that Coin Finance Company Ltd was established to address a critical micro-financing gap for grassroots entrepreneurs and small businesses, warning that regulatory delays harm the real economy.
​”The Finance House is meant to boost grassroots empowerment, a sector that is very important to strengthening the micro economy,” Itua said. “The macro is doing well, but the micro is not. This is the missing link because there are not enough institutions to power that sector.”
​Demands for Interest, Potential Legal Action
​The investors are asking the CBN to calculate and remit applicable interest on the ₦100.35 million sum, covering the entire period from the initial deposit date of July 16, 2025, up to the date of release.
​While appealing to the CBN Governor for an administrative resolution through internal channels, the promoters warned that continued regulatory inaction may force them to seek legal redress.