INVESTORS DEMAND ₦100.35M REFUND FROM CBN FOLLOWING FINANCE HOUSE LICENSING SUSPENSION

Promoters of Coin Finance Company Ltd appeal to apex bank leadership over stalled capital deposits and licensing fees withheld for 15 months, warning of potential legal recourse

Investors behind the proposed Coin Finance Company Ltd have demanded the immediate refund of ₦100.35 million deposited with the Central Bank of Nigeria (CBN) for a finance house licence, alongside accrued interest, following the apex bank's suspension of new licensing applications.

In a public statement issued on behalf of the promoters, representative Christopher Itua disclosed that the funds, comprising a ₦100 million statutory capital deposit, a ₦100,000 application fee, and a ₦250,000 licensing fee, were paid to the CBN on July 16, 2025. However, three months after payment, applicants were informed by CBN officials that the processing of new Finance House licences had been suspended indefinitely.

Itua stated that multiple administrative appeals submitted to the CBN’s Financial Policy and Regulation Department and the Consumer Protection Department have yielded no resolution. The promoters emphasized that holding the capital for 15 months without issuing a licence or returning the funds undermines the Federal Government's ease-of-doing-business initiatives and prevents them from extending financing to small businesses and grassroots enterprises.

The investors appealed directly to CBN Governor Olayemi Cardoso to intervene administratively and ensure the release of the principal sum alongside interest calculated from the initial deposit date. While affirming their commitment to an amicable settlement, the promoters warned that continued inaction would leave them with no choice but to pursue formal legal remedies to recover their capital.