Investors Demand Refund of N100.35m from CBN

Investors associated with Coin Finance Company Ltd have requested the Central Bank of Nigeria (CBN) to refund N100.35m, including interest, which they paid for a finance house licence. The request comes after the CBN suspended new licence applications.

The investors claim the funds have remained with the CBN for over a year without any progress on their application or a clear timeline for a refund. Christopher Itua, the promoter’s representative, stated that the investors paid N100m as capital deposit, N100,000 as application fee, and N250,000 as licensing fee on July 16, 2025.

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