The National Pension Commission (PenCom) has announced that it is halting mortgage banks from processing equity contributions due to non-compliance with housing loan guidelines. This move affects seven Primary Mortgage Banks (PMBs) and immediately impacts the ability of Retirement Savings Account (RSA) holders to access housing finance. For official updates, visit the PenCom website.
Mortgage Banks Suspended by PenCom
In its circular dated August 11, 2025, PenCom instructed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to stop accepting applications from the following PMBs:
- 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
- Mutual Alliance Mortgage Bank Limited
This decision follows the banks’ failure to generate loans after pension equity contributions had been approved.
Why PenCom Halted Mortgage Banks’ Equity Contributions
PenCom spokesman Ibrahim Buwai explained that the suspension protects contributors and upholds the integrity of the RSA housing loan scheme. The policy was designed to help Nigerians own homes through their pensions, and violations of the rules undermine both trust and housing access.
For deeper insights into Nigeria’s real estate finance system, see our housing finance reports on Property Media Week.
Impact on RSA Holders and the Housing Market
RSA holders who applied through the affected banks must now seek alternative accredited mortgage banks. The suspension also sends a strong signal that compliance with pension housing loan guidelines is critical.
This halt highlights PenCom’s broader effort to:
- Safeguard retirement funds
- Ensure transparency in housing finance
- Support Nigeria’s housing market growth
Explore more updates in our real estate sector coverage.
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