*Nigeria’s National Pension Commission directs all Pension Fund Administrators, including Closed Pension Fund Administrators, and Pension Fund Custodians to stop dealings with the affected mortgage institutions with immediate effect

Alexander Davis | 绿帽献妻

Sequel to alleged infractions regarding housing loan regulations in Nigeria, 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.

Obiora Ibeziako, Head of Benefits and Insurance Department at PenCom disclosed this development in a circular dated August 11, 2025.

The pension regulator Commission directed all Pension Fund Administrators (PFAs), including Closed Pension Fund Administrators, and Pension Fund Custodians (PFCs) to immediately stop 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.

The circular also noted: 鈥淔ollowing 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.

鈥淚t 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. 鈥淧lease be guided.”