The National Pension Commission has directed Pension Fund Administrators and Pension Fund Custodians to immediately stop accepting or processing equity contribution applications submitted by seven Primary Mortgage Banks over alleged non-compliance with its housing loan guidelines.
In a circular dated August 11, 2025, signed by the Head of Benefits and Insurance Department, Obiora Ibeziako, and addressed to PFAs and PFCs, PenCom noted, “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.