Promoters of Coin Finance Company Limited have demanded the return of N100.35 million paid to the Central Bank of Nigeria (CBN) to function as a finance home, following the suspension of recent licence purposes.
A consultant of the promoters, Mr Christopher Itua, made the demand in a press release, saying the funds had remained with the apex financial institution for about 15 months with out the proposed establishment progressing.
According to him, the buyers paid N100 million as capital deposit, N100,000 as utility payment and N250,000 as licensing payment on July 16, 2025, bringing the whole cost to N100.35 million.
The cost was made as a part of the necessities for licensing Coin Finance Company Ltd as a finance home. Itua stated CBN officers knowledgeable the promoters in October 2025 that processing of recent finance home purposes had been suspended till additional discover.
He defined that following the suspension, he wrote the CBN Department of Financial Policy and Regulation on October 15, 2025, requesting the return of the funds with relevant curiosity.
The promoters later petitioned the CBN Consumer Protection Department on May 18, 2026, and despatched a follow-up letter on July 7, however stated that they had acquired neither a refund timeline nor a substantive replace.
“It has now been over 14 months since the CBN took possession of our capital,” Itua stated in his newest enchantment to the CBN Governor.
He stated the proposed finance home was designed to deal with a financing hole on the grassroots and strengthen financial exercise on the micro stage.
“The finance house is meant to boost grassroots empowerment, a sector that is very important to strengthening the micro economy,” he stated.
Itua famous insufficient establishments serving small companies and grassroots entrepreneurs remained a significant constraint regardless of enhancements within the broader macroeconomic surroundings.
“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,” he stated.
According to him, the extended retention of the capital had stalled the promoters’ plans to set up the establishment and supply monetary assist on the grassroots.
The buyers are asking the CBN to calculate relevant curiosity on the N100.35 million from July 16, 2025, when the funds have been deposited, till the date of launch.
“The prolonged silence and structural failure to return capital deposits directly undermines the Federal Government’s ease-of-doing-business initiatives,” Itua stated.
The promoters stated their cost receipts, transaction paperwork and former correspondence had been submitted to assist the request.
Itua appealed to the CBN Governor to intervene and resolve the matter administratively, stressing that the promoters had repeatedly used the financial institution’s established channels.
They stated continued inaction may compel them to pursue additional administrative and authorized channels, though they most well-liked to resolve the matter with out escalation.
The promoters are in search of the speedy return of the N100.35 million, along with relevant curiosity from July 16, 2025, till the funds are launched.
