Licensing: Investors demand refund of N100.35m held by CBN for 15 months

Promoters of the proposed Coin Finance Company Ltd have appealed to the Governor of the Central Bank of Nigeria (CBN) to intervene in the recovery of N100.35 million deposited with the apex bank for a Finance House licence more than 15 months ago, alleging that repeated requests for a refund have yielded no result.
The investors said the continued retention of their funds, despite the suspension of new Finance House licensing applications by the CBN, had frustrated their plans to establish a financial institution to support small businesses and grassroots entrepreneurs.
In a statement issued on Sunday, the promoters’ representative, Christopher Itua, said the investors had exhausted ...