Coin Finance Investors Seek ₦100.35m Refund from CBN
Investors behind Coin Finance Company Ltd have requested a refund of ₦100.35m from the Central Bank of Nigeria (CBN) after their plans to establish a finance house were halted due to the suspension of new applications. The representative, Christopher Itua, stated that the investors paid ₦100m as a capital deposit, ₦100,000 as an application fee, and ₦250,000 as a licensing fee on July 16, 2025.
However, in October 2025, CBN officials informed them that processing of new finance house applications was suspended until further notice. Following this, Itua wrote to the CBN Department of Financial Policy and Regulation on October 15, 2025, requesting the return of the funds with interest.
The investors also petitioned the CBN Consumer Protection Department on May 18, 2026, and sent a follow-up letter on July 7, but have not received a timeline for the refund. Itua emphasized that the prolonged retention of their funds has stalled their plans to boost grassroots empowerment through the finance house.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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