Promoters of the proposed Coin Finance Company Ltd have appealed to the Governor of the Central Bank of Nigeria (CBN) for the immediate return of N100.35 million that was deposited with the apex bank more than 15 months ago.
The investors paid a total of N100.35 million on 16 July 2025: N100 million as a capital deposit, N100 000 as an application fee and N250 000 as a licensing fee. Three months later, in October 2025, CBN officials informed the applicants that the processing of new Finance House licence applications had been suspended until further notice.
Since then the promoters have pursued several administrative avenues. They wrote to the CBN’s Department of Financial Policy and Regulation on 15 October 2025, and later petitioned the Consumer Protection Department on 18 May 2026, with a reminder on 7 July 2026. None of these requests has produced a repayment schedule.
Christopher Itua, the promoters’ representative, said the continued withholding of the funds has frustrated their plans to establish a financial institution aimed at supporting small businesses and grassroots entrepreneurs. “It has now been over 14 months since the CBN took possession of our capital,” he said, adding that the delay undermines the government’s ease‑of‑doing‑business initiatives.
“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.”
The investors are demanding the return of the principal amount together with accrued interest from the date of deposit until the actual repayment. They have submitted payment receipts, transaction records and copies of previous correspondence to substantiate their claim and have urged the CBN Governor to intervene personally to prevent further administrative delays.
As of now, the CBN has not responded to the request, and the status of the refund, the interest claim and any repayment timeline remain unresolved.
<small>Source: The Sun Nigeria — read the original story there.</small>