The National Pension Commission (PenCom) has blacklisted seven Primary Mortgage Banks, due to alleged non-compliance with its housing loan guidelines, with the Commission stopping the acceptance and processing of equity contribution applications submitted by them.
According to a circular dated August 11, 2025, and signed by Obiora Ibeziako, Head of the Benefits and Insurance Department, PenCom, it instructed all Pension Fund Administrators (PFAs), including Closed PFAs, and Pension Fund Custodians (PFCs) to immediately cease processing applications from the affected institutions.
The affected institutions included 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.
Reacting to the development, The spokesperson for PenCom, Ibrahim Buwai, while reacting to the development said that the decision was due to the failure of the blacklisted mortgage banks to provide the loans for which pension funds had been approved.
He explained that the essence of giving access to RSA holders is to enable them to own houses through mortgages.
PenCom introduced equity contribution for mortgages in September 2022, allowing Retirement Savings Account (RSA) holders to access up to 25% of their RSA balance toward securing homeownership for contributors under the Contributory Pension Scheme (CPS).