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Equity for mortgage: Nearly a million pension contributors scale hurdle
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Nearly one million pension contributors in Nigeria have been approved to use their pension funds for equity contributions toward residential mortgages, with 9,080 approvals by the end of the third quarter of 2024, expected to reach one million by year-end. The National Pension Commission (PenCom) has approved N79.74 billion for this purpose, aligning with guidelines under the Pension Reform Act (PRA 2014). The Pension Fund Operators Association of Nigeria (PenOp) highlights that this initiative will boost homeownership and stimulate real estate development, reflecting the pension sector's commitment to economic growth. PenCom approved the guidelines in September 2022, and PenOp is working to enhance public understanding of the process, which is open to RSA or MPP holders in active employment or self-employed.
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