Coin Finance Investors Demand N100.35m Refund from CBN

Investors behind Coin Finance Company Ltd have requested the return of N100.35m from the Central Bank of Nigeria (CBN) after the suspension of new finance house licence applications. Promoter Representative Mr Christopher Itua stated that the funds, which include a N100m capital deposit, a N100,000 application fee, and a N250,000 licensing fee paid on 16 July, 2025, have been with the CBN for about 15 months without any progress.

In October 2025, CBN officials informed the promoters that processing of new applications had been suspended. Following this, Itua wrote to the CBN Department of Financial Policy and Regulation on 15 October, 2025, requesting a refund with applicable interest.

Despite subsequent petitions to the CBN Consumer Protection Department on 18 May, 2026, and a follow-up on 7 July, the investors have not received a refund timeline or substantive update. Itua emphasized the importance of the proposed finance house for grassroots economic empowerment and expressed concerns over the prolonged retention of their capital.