Proposed Finance House: Investors Demand Refund of N100.35m from CBN

By Adedapo Adesanya

Promoters of the proposed Coin Finance Company Limited have asked the Central Bank of Nigeria (CBN) to refund N100.35 million paid for a finance house licence, with applicable interest, after the suspension of new applications stalled their plans.

The investors said the funds had remained with the apex bank for about 15 months without progress towards establishing the proposed institution.

According to a statement signed by its representative, Mr Christopher Itua, on Sunday, the payments were made on July 16, 2025, as part of the licensing requirements, with the sum comprising N100 million in capital deposit, N100,000 for application fee and N250,000 licensing fee.

Mr Itua said CBN officials informed the promoters in October 2025 that the processing of new finance house applications had been suspended indefinitely.

Following the suspension, he said the investors wrote to the CBN Department of Financial Policy and Regulation on October 15, 2025, requesting a refund with applicable interest.

They later petitioned the bank’s Consumer Protection Department on May 18, 2026, and sent a follow-up letter on July 7. However, Mr Itua said they had yet to receive a refund timeline or a substantive update.

He said the promoters were asking the CBN to calculate interest on the N100.35 million from the date of payment until the funds were returned.

According to Mr Itua, the proposed finance house was intended to provide financing for small businesses and grassroots entrepreneurs, whom he described as underserved by existing financial institutions.

He said the prolonged retention of the capital had stalled the project and undermined the investors’ plans to support economic activity at the grassroots.

The promoters said they had submitted payment receipts, transaction records and previous correspondence to support their request.

Mr Itua appealed to the CBN governor to intervene and resolve the matter through administrative channels, adding that the investors preferred an amicable settlement.

However, he warned that they might consider further administrative and legal options if the matter remained unresolved.