The Nigerian Bar Association (NBA’s) newly-introduced loan scheme for lawyers is only for members who have duly paid their bar practicing fee.
Dr Rapulu Nduka, National Publicity Secretary of NBA, made the disclosure in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.
He noted that the annual practising fee must be paid not later than March 31.
Nduka said that the loan would be for a tenor of three years.
NAN reports that the NBA had in a statement signed by its President, Mr Olumide Akpata, announced the loan scheme along with NBA Stabilisation Fund.
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The statement is tagged, “Establishment of the NBA Stabilisation Fund and Commencement of Access to Finance Scheme for Lawyers”.
It warned that defaulting in repayment of the loan would be deemed professional misconduct.
“We have set up an access to finance scheme for lawyers who may require loans at single digit or less than market interest rates, for their working capital and operational needs.
“We have set up the NBA Stabilisation Fund. We already saved up and set aside the sum of N1 billion for the purpose.
“Now, we are committed to having up to N1.5 billion in aggregate as the minimum in the fund over the next few months.
“The fund will invest in a portfolio of assets that will generate steady returns for the association overtime,” it said.
The association said in the statement that the fund would be helpful in the ‘rainy day’.
According to the NBA, under the finance scheme, a member can access a maximum of N2 million loan at an interest rate of 9.5 per cent per annum. (NAN)
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