A Canadian-based Nigerian woman, Mrs Moji Osonowo, is fighting against FirstTrust Mortgage Bank, accusing the institution of attempting to illegally seize her property in Lagos and potentially sell it to one of its own officials.
The escalating dispute, which involves allegations of withheld documents and exorbitant, unexplained charges, has prompted Osonowo to plead for intervention from financial regulators.
Osonowo stated in the statement, titled “Hammer House of Fraud-FirstTrust Mortgage Bank,” that she has been engaged in an endless battle with the mortgage bank to collect the title documents of her 3-bedroom apartment, situated in an Amuwo-Odofin Housing Estate in Lagos.
She alleged that the mortgage bank is illegally holding on to her 3-bedroom apartment after she had paid off the loan she obtained from the then Partnership Loans and Savings Limited, Lagos, to purchase the property.
Partnership Savings and Loans Limited has since been acquired by FirstTrust Mortgage Bank, which was established in September 2019 through the merger of TrustBond Mortgage Bank Plc and First Mortgages Limited (formerly known as FBN Mortgages Limited).
According to the woman, she took out a National Housing Fund (NHF) mortgage loan of ₦4.05 million in 2005 from the defunct Partnership Savings and Loans Ltd, which was then located at Obafemi Awolowo Way, Ikeja.
She further stated that used the ₦4.05 loan she obtained from the former Partnership and Loans Limited to purchase the 3-bedroom flat at Amuwo-Odofin (now in dispute) at the cost ₦5 million.
“The loan was a structured NHF loan to be repaid over 20 years, i.e. from 2005-2025 (240 months) at a fixed interest of six per cent flat per annum, which amounted to ₦6.9 million principal and interest, over the period,” she stated.
The woman tendered the receipts of bank transactions she made, indicating that she defrayed the principal loan as well as the interest accrued in 18 years, two years ahead of the agreed 20-year tenor.
She stated that she had paid over ₦7 million into her account between 2005 and 2023, thereby fully repaying the agreed-upon loan principal and interest in 18 years, two years ahead of the agreed 20-year tenor.
The woman also stated that, after completing the loan repayment, she demanded the title documents to her property from FirstTrust Mortgage Bank. This successor company took over Partnership Savings and Loans Limited.
“But, surprisingly, FirstTrust Mortgage Bank claimed that I still have over ₦9 million to pay back, deriving from what they called interest on overdraft, which they have been charging into my account since 2020 at an average of ₦70,000 to ₦80,000 per month,” she added.
The woman also stated that she was reliably informed that the mortgage company is planning to sell the 3-bedroom apartment to one of its officials.
Mrs Osonowo, therefore, appealed to the financial and loans regulatory agencies to help her look into the matter and deliver her “from the evil and fraudulent hands of the mortgage bank.”
PenCom Blackliats FirstTrust Mortgage Bank, 6 Others
Recall that the National Pension Commission (PenCom) blacklisted seven Primary Mortgage Banks (PMBs) from processing or accepting equity contribution applications submitted by Retirement Savings Account (RSA) holders, citing non-compliance with housing loan regulations.
In a circular dated August 11, 2025, and signed by Obiora Ibeziako, Head of Benefits and Insurance Department, PenCom directed all Pension Fund Administrators (PFAs), including Closed Pension Fund Administrators and Pension Fund Custodians (PFCs), to cease dealings with the affected mortgage institutions immediately.
The mortgage banks named in the circular are Jigawa Savings & Loans Limited, FHA Mortgage Bank Limited, Delta Trust Mortgage Bank Limited, AG Mortgage Bank Limited, Infinity Trust Mortgage Bank Plc, FirstTrust Mortgage Bank Limited, and Mutual Alliance Mortgage Bank Limited.
