Most Nigerians have no idea that their mortgage applications, equity contributions, or home financing plans may already be in danger. But with the latest directive from the National Pension Commission (PENCOM), thousands of innocent homebuyers could be walking straight into a financial disaster.
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PENCOM has officially blacklisted seven Primary Mortgage Institutions (PMIs)—and the ripple effect across the real estate and pension sectors is massive. These are not obscure financial houses; they are institutions many families trusted to help them own their first homes.
The blacklisted institutions are:
- Infinity Trust Mortgage Plc
- Jigsaw Savings & Loans Ltd
- FHA Mortgage Bank Ltd
- Delta Trust Mortgage Bank Ltd
- AG Mortgage Bank Ltd
- First Trust Mortgage Bank Ltd
- Mutual Alliance Mortgage Bank Ltd
Immediately after this announcement, PenCom ordered all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to stop accepting or processing home equity applications connected to these institutions.
- This is not routine.
- This is not a minor compliance issue.
- This is a red flag of systemic failure in the mortgage ecosystem.
THE HIDDEN DANGER MOST HOME BUYERS DON’T SEE
A growing number of Nigerians seeking mortgages already battle delays, misinformation, and exploitation. But when a regulatory body publicly blacklists institutions, it signals something deeper—possible fraud, operational breakdowns, or serious breaches that could put clients’ funds at risk.
Many affected home buyers may not even know something is wrong until it’s too late.
- Some have already submitted applications.
- Some have paid equity contributions.
- Some have committed their entire life savings.
And now, all that money sits in uncertainty.
- This is how dreams of homeownership collapse.
- This is how real estate fraud destroys lives silently.
- This is how families fall into financial ruin.
BUT THERE IS RELIEF — IF YOU ACT QUICKLY
If you processed a mortgage, paid equity, or made any payment through any of the blacklisted institutions:
- Stop immediately: Do not continue with any ongoing transaction.
- Re-submit your application through a clean, approved bank: Your PFA cannot legally process anything connected to the blacklisted PMIs.
- If you have already paid money, demand a refund now: Do not wait for explanations or excuses. Protect your funds while you still can.
Time is critical.
HOW ENCUMBERED PROPERTIES PROTECTS YOU FROM REAL ESTATE FRAUD
At EncumberedProperties.com, we have seen too many cases of families losing their savings because they trusted the wrong developer or institution. The truth is simple: real estate in Nigeria requires deep due diligence, and most buyers don’t know where to start.
This is why we created the “7 Steps & Guide to Acquiring a Clean Property Title: A Practical Checklist.”
Report any suspicious estate or developer for free on EncumberedProperties.com
Share this information to help others avoid financial disaster
Together, we can build a safer, more transparent real estate environment in Nigeria.
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AUTHOR
Madueke Enwere
Real Estate Lawyer | Environmentalist | Senior Police Officer | Founder, EncumberedProperties.com