By Emmanuella Opara | October 27th 2026
KEY POINTS
- Promoters of the proposed Coin Finance Company Limited are demanding a refund of N100.35m paid to the Central Bank of Nigeria for a finance house licence.
- The investors said the funds had remained with the apex bank for about 15 months after processing of new licence applications was suspended.
- The promoters have requested applicable interest on the funds from July 16, 2025, until repayment.
- The investors warned that continued inaction could lead to further administrative and legal steps.
MAIN STORY
Investors behind the proposed Coin Finance Company Limited have asked the Central Bank of Nigeria to refund N100.35m paid towards obtaining a finance house licence, following the suspension of new applications and the prolonged retention of their funds.
The promoters’ representative, Christopher Itua, made the demand in a statement, saying the money had remained with the apex bank for about 15 months without progress towards establishing the proposed financial institution.
The investors said they paid N100m as capital deposit, N100,000 as an application fee and N250,000 as a licensing fee on July 16, 2025, bringing the total to N100.35m.
According to Itua, CBN officials informed the promoters in October 2025 that the processing of new finance house licence applications had been suspended until further notice.
Following the announcement, he wrote to the CBN Department of Financial Policy and Regulation on October 15, 2025, requesting the return of the funds with applicable interest.
The promoters subsequently petitioned the CBN Consumer Protection Department on May 18, 2026, and sent a follow-up letter on July 7. However, they said they had received neither a timeline for repayment nor a substantive update on their request.
“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.
He explained that the proposed finance house was intended to address financing gaps at the grassroots level and support economic activities among small businesses and entrepreneurs.
“The Finance House is meant to boost grassroots empowerment, a sector that is very important to strengthening the micro economy,” he said.
Itua argued that inadequate financial institutions serving small businesses and grassroots entrepreneurs remained a constraint despite improvements in the broader macroeconomic environment.
“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,” he said.
He added that the continued retention of the funds had stalled the investors’ plans to establish the institution and provide financial services to underserved segments of the economy.
The promoters are asking the CBN to calculate applicable interest on the N100.35m from July 16, 2025, when the payment was made, until the funds are released.
“The prolonged silence and structural failure to return capital deposits directly undermines the Federal Government’s ease-of-doing-business initiatives,” Itua said.
The investors said they had submitted payment receipts, transaction documents and previous correspondence in support of their request.
Itua appealed to the CBN Governor to intervene and resolve the matter through administrative channels, noting that the promoters had repeatedly used the bank’s established procedures to seek a resolution.
The investors warned that continued inaction could force them to pursue further administrative and legal options, although they said they preferred to settle the matter without escalation.
THE ISSUES
The dispute highlights the financial implications of regulatory delays for investors whose funds have been committed to licensing processes. In this case, the promoters say the suspension of new finance house applications left their proposed institution unable to progress while their capital remained with the CBN.
The N100m capital deposit accounts for the bulk of the amount being claimed. The investors are also seeking interest for the period during which the funds have remained with the regulator.
The proposed institution was intended to provide financing at the grassroots, particularly for small businesses and entrepreneurs. Its promoters argue that the lack of sufficient financial institutions serving this segment limits access to capital and constrains economic activity.
However, the account provided by the investors does not include a response from the CBN on the refund request, the applicable interest or the circumstances surrounding the suspension of new applications.
WHAT’S BEING SAID
“It has now been over 14 months since the CBN took possession of our capital,” Christopher Itua, promoter representative of Coin Finance Company Limited, said.
“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,” Itua said.
“The prolonged silence and structural failure to return capital deposits directly undermines the Federal Government’s ease-of-doing-business initiatives,” Itua said.
WHAT’S NEXT
The investors are seeking intervention from the CBN Governor to secure repayment of the N100.35m, including applicable interest. The next development will depend on the regulator’s response and whether the matter can be resolved administratively or proceeds to further legal action.
BOTTOM LINE
The promoters of Coin Finance Company Limited are seeking the return of N100.35m tied up in a suspended licensing process. The dispute raises concerns about how funds paid towards regulatory approvals are handled when applications cannot proceed, while a response from the CBN could clarify the status of the refund request.
