Seven financial institutions blacklisted by PenCom
The National Pension Commission has barred seven mortgage banks from handling pension-backed housing loan applications after they were found to have breached the rules guiding the scheme.
In a circular issued on August 11, 2025, the commission instructed Pension Fund Administrators and Pension Fund Custodians to reject equity contribution applications from the affected banks.
The banks 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.
PenCom explained that the decision followed reports that the listed institutions failed to generate the required mortgages even after funds were approved from the Retirement Savings Accounts of applicants.
The commission said that such actions violated the housing loan regulations designed to help workers own homes through their RSA balances.
The equity contribution scheme, introduced in September 2022, allows RSA holders to access up to 25 per cent of their balance to secure a residential mortgage.
Records show that by the end of the first quarter of 2025, more than 24,500 RSA holders had benefited from the initiative with disbursements worth over N149bn.
The new directive means the affected mortgage banks will no longer be allowed to participate in the pension-backed housing loan process until they comply with the commission’s rules.
