The National Pension Commission (PenCom) has blacklisted Infinity Trust Mortgage Bank Plc, AG Mortgage Bank Limited, Mutual Alliance Mortgage Bank Limited and First Trust Mortgage Bank Limited for allegedly violating its housing loan guidelines.
Other mortgage banks barred include FHA Mortgage Bank Limited, Jigawa Savings & Loans Limited and Delta Trust Mortgage Bank Limited, and
In a circular dated August 11, 2025, signed by the Head of Benefits and Insurance Department, Obiora Ibeziako, and addressed to Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), PenCom stated, “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.”
“They are Infinity Trust Mortgage Bank Plc, AG Mortgage Bank Limited, First Trust Mortgage Bank Limited, Jigawa Savings & Loans Limited, FHA Mortgage Bank Limited, Delta Trust Mortgage Bank Limited, and Mutual Alliance Mortgage Bank Limited.
The circular ended with, “Please be guided.”
Explaining the decision, PenCom’s spokesman, Ibrahim Buwai, said the affected mortgage banks had failed to generate the loans for which pension funds were approved.
He noted, “When you have policies like these, you will have rules and guidelines. The whole purpose of giving access to RSA holders is to enable them to own houses through mortgages.
“The whole thing is meant for those who apply and get approved. The monies that get approved are meant to enable them to pay equity through mortgages. So, it was discovered that some of the primary mortgage institutions were not generating mortgages.
“That is just the long and short of it. If that is the case, that means they are not complying with the regulations. That is the reason for their blacklisting.”
The equity contribution for residential mortgages was introduced by PenCom in September 2022. It allows Retirement Savings Account (RSA) holders to access up to 25 per cent of their RSA balance to pay equity for a home loan.
As of the end of Q1 2025, about 24,582 RSA holders had benefited from the scheme, with disbursements reaching ₦149.84bn.
