PenCom blacklists seven mortgage banks over non-compliance with housing loan guidelines | Prestige Real Estate News
The National Pension Commission (PenCom) has blacklisted seven Primary Mortgage Banks (PMBs) from processing or accepting equity contribution applications submitted by Retirement Savings Account (RSA) holders, citing non-compliance with housing loan regulations.
In a circular dated August 11, 2025, and signed by Obiora Ibeziako, Head of Benefits and Insurance Department,, PenCom directed all Pension Fund Administrators (PFAs), including Closed Pension Fund Administrators, and Pension Fund Custodians (PFCs) to immediately cease dealings with the affected mortgage institutions.
The mortgage banks named in the circular are Jigawa Savings & Loans Limited, FHA Mortgage Bank Limited, Delta Trust Mortgage Bank Limited, AG Mortgage Bank Limited, Infinity Trust Mortgage Bank Plc, First Trust Mortgage Bank Limited, and Mutual Alliance Mortgage Bank Limited.
“Following the cited letter, the commission instructs that Pension Fund Administrators, including Closed Pension Fund Administrators and Pension Fund Custodians, immediately stop accepting or processing equity contribution applications submitted by the following Primary Mortgage Banks.
“It listed the affected institutions as Jigawa Savings & Loans Limited, FHA Mortgage Bank Limited, Delta Trust Mortgage Bank Limited, AG Mortgage Bank Limited, Infinity Trust Mortgage Bank Plc, First Trust Mortgage Bank Limited, and Mutual Alliance Mortgage Bank Limited. “Please be guided,” the letter read in part.
– Culled from BusinessDay
