Investors demand CBN refund of N100.35m after licence issuing suspension

Investors behind the proposed Coin Finance Company Ltd have demanded the return of N100.35m paid to the Central Bank of Nigeria (CBN) for a finance house licence after new licence applications were suspended. The promoters, led by Mr Christopher Itua, paid N100m as capital deposit, N100,000 as application fee, and N250,000 as licensing fee on 16 July, 2025, bringing the total payment to N100.35m.

However, the CBN suspended the processing of new finance house applications in October 2025, leading Itua to request the return of the funds with applicable interest. Despite submitting payment receipts, transaction documents, and previous correspondence to the CBN, the investors have received neither a refund timeline nor substantive updates.

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