Coin Finance Company Demands N100.35m Refund from CBN

Promoters of Coin Finance Company Limited, represented by Mr Christopher Itua, have requested the return of N100.35 million paid to the Central Bank of Nigeria (CBN) for operating as a finance house. This payment, made on July 16, 2025, included N100 million as a capital deposit, N100,000 as an application fee, and N250,000 as a licensing fee.

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

The promoters later petitioned the CBN Consumer Protection Department on May 18, 2026, and sent a follow-up letter on July 7, but received no updates. Itua emphasized that the prolonged retention of their capital has hindered their plans to establish the finance house, which aims to support grassroots economic activity.

They are asking the CBN to calculate applicable interest on the funds and have submitted relevant documentation to support their request.