Investors have asked Nigeria’s Central Bank to refund ₦100.35 million paid for a finance house licence after the regulator suspended processing new applications. The funds have been held by the bank since July 2025, stalling the investors’ plans to establish Coin Finance Company Ltd.
The company’s promoter, Christopher Itua, stated the investors paid ₦100 million as a capital deposit, ₦100,000 as an application fee, and ₦250,000 as a licensing fee on July 16, 2025. CBN officials informed the promoters in October 2025 that processing of new finance house applications was suspended.
The promoters requested a refund from the CBN’s Department of Financial Policy and Regulation on October 15, 2025. They also petitioned the bank’s Consumer Protection Department on May 18, 2026, and sent a follow-up. They have not yet received a substantive response or a refund.
“It has now been over 14 months since the CBN took possession of our capital,” Itua said in his latest appeal to the CBN Governor. The investors are also asking the central bank to calculate applicable interest on the ₦100.35 million from the date of payment until the funds are returned.
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Itua said the proposed finance house was intended to help address financing constraints faced by small businesses and grassroots entrepreneurs. “The Finance House is meant to boost grassroots empowerment, a sector that is very important to strengthening the micro economy,” he said.
The promoters argue that the prolonged retention of their funds has stalled their plans to establish the institution and provide financing to underserved businesses. They believe this delay hampers efforts to enhance Nigeria’s business environment.
To support their refund request, the investors have provided payment receipts, transaction documents, and copies of previous correspondence. Itua has appealed to the CBN Governor for administrative intervention. While they prefer an administrative resolution, they may consider additional steps if the issue persists.
The refund request highlights a broader policy issue regarding how regulators should handle funds from prospective financial institutions when new applications are suspended. The CBN’s stance on this specific request was not mentioned in the investors’ account.