Prime Business AfricaAt the end of trading on Wednesday, August 20, the shares of Infinity Trust Mortgage Bank were dumped following the National Pension Commission (PenCom) clampdown on the company for flouting housing loan rules.
Prime Business Africa gathered that the share price of Infinity Trust Mortgage Bank plummeted by N0.50 kobo to N7 per share, from N7.50 kobo it traded on Tuesday, August 19, when the news of the regulator sanction circulated.
Join our WhatsApp ChannelThis wiped off 6.66 percent of the value of investments held by shareholders of Infinity Trust Mortgage Bank, resulting in a combined loss of N2.08 billion within five hours of trading on Wednesday.
PBA noted that equity traders had exchanged 2,500 volume of shares of Infinity Trust Mortgage on Tuesday at N7.50 kobo per share, which is the price a unit had traded for two weeks.
However, a day after reports of the sanction, the volume of shares traded increased to 262,700, but the price dropped to N7 per unit, indicating shareholders or equity traders were willing to sell or buy a share for N0.50 kobo less – the biggest decline in 2025.
This also affected the market valuation of Infinity Trust Mortgage, as the company’s capitalisation decreased from N31.27 billion to N29.19 billion during the same period under review.
The company’s share value had depreciated after PenCom directed pension fund administrators (PFAs) and pension fund custodians (PFCs) to stop accepting equity contribution applications from Infinity Trust Mortgage for allegedly not complying with the regulator’s housing loan guidelines.
Other mortgage companies blacklisted by PenCom are Jigawa Savings & Loans Limited, Mutual Alliance Mortgage Bank Limited, Delta Trust Mortgage Bank Limited, FHA Mortgage Bank Limited, First Trust Mortgage Bank Limited, and AG Mortgage Bank Limited.
PenCom spokesperson, Ibrahim Buwai, told Punch that Infinity Trust Mortgage and other affected companies failed to generate the loans for which pension funds had been approved.
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