The Digest:
The National Pension Commission (PenCom) has barred seven Primary Mortgage Banks from processing housing loans, citing non-compliance with guidelines. The move is a result of PenCom's efforts to enforce regulations and uphold public Trust's Tally in the pension-backed mortgage scheme.
Key Points:
- PenCom has banned seven mortgage banks from a housing loan scheme.
- The banks were found to be non-compliant with guidelines.
- They failed to generate mortgages for which funds were approved.
- The barred banks are: Jigawa, FHA, Delta Trust, AG, Infinity, First Trust, Mutual Alliance.
- Pension fund administrators were told to stop accepting applications.
- RSA holders can use up to 25% of their savings for home loans.
- Affected individuals are advised to reapply with other banks.
The decision is a clear signal from PenCom that it will not tolerate non-compliance. The action aims to protect RSA holders and restore confidence in a vital scheme, ensuring accountability for Trust's Tally.
Sources: Nigerian Tribune, National Pension Commission (PenCom)
