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Promoters of Coin Finance Company Limited have appealed to the Central Bank of Nigeria (CBN) to release ₦100.35 million paid towards establishing the proposed finance house, following a halt in the processing of new licences.
The investors said the prolonged delay had disrupted their business plans and prevented them from launching an institution designed to provide financial assistance to small businesses and entrepreneurs at the grassroots.
Christopher Itua, who represents the promoters, disclosed that the funds were transferred to the apex bank on July 16, 2025, as part of the regulatory requirements for the proposed company. The payment comprised ₦100 million in capital deposit, ₦100,000 application fee and ₦250,000 licensing fee.
According to Itua, the promoters were informed in October 2025 that the CBN had suspended the processing of new finance house licence applications until further notice. They subsequently began seeking the return of their money.
The investors said their attempts to resolve the matter through the bank’s established channels had yet to produce a satisfactory outcome. They first contacted the CBN’s Department of Financial Policy and Regulation before petitioning its Consumer Protection Department in May 2026 and sending another letter in July.
Beyond recovering the principal amount, the promoters want the CBN to include applicable interest calculated from the date the funds were deposited until the refund is completed.
Itua argued that prolonged delays in returning the money could discourage investment and undermine efforts to create financial institutions capable of supporting smaller businesses. He maintained that grassroots enterprises needed more accessible funding options to expand their operations and contribute to economic growth.
The promoters have appealed to the CBN governor to intervene and facilitate an administrative resolution. They said they would prefer an amicable settlement but could explore further administrative and legal options if their demand remained unresolved.
