PenCom Suspends Equity Contributions for Seven Mortgage Banks

The National Pension Commission (PenCom) has suspended the acceptance and processing of equity contribution applications from seven Primary Mortgage Banks, citing alleged violations of its housing loan guidelines.

In a circular dated August 11, 2025, signed by Obiora Ibeziako, Head of the Benefits and Insurance Department, PenCom directed all Pension Fund Administrators, including Closed PFAs, as well as Pension Fund Custodians, to stop handling applications submitted by the affected institutions.

The document 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.”

Among those blacklisted are Infinity Trust Mortgage Bank and AG Mortgage Bank, along with five others.

This development comes amid ongoing scrutiny of the regulatory leadership, as some legal practitioners have raised concerns that the newly appointed Director-General of PenCom may not meet the statutory requirement of 15 years of relevant experience stipulated in the Pension Reform Act.