NBA loan scheme strictly for lawyers who pay practicing fee –Official

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NBA loan scheme strictly for lawyers who pay practicing fee –Official

The Nigerian Bar Association has announced that its newly introduced loan scheme is only for members who have paid their Bar Practicing Fee.

The National Publicity Secretary of the NBA, Dr Rapulu Nduka, told the News Agency of Nigeria that the annual fee was due latest March 31. The payment of the fee will afford lawyers access to the loan for a three-year tenure.

In a statement made available to NAN, The president of the NBA, Mr Olumide Akpata, confirmed the loan scheme. Akpata also announced the availability of the N1 Billion for the “Establishment of the NBA Stabilisation Fund and Commencement of Access to Finance for Lawyers”.

He however warned that defaulters on loan repayment would be considered to have committed professional misconduct. The activation of the finance scheme will help lawyers access a loan of N2 Million at an interest of 9.5% per annum.

Akpata said, “We have set up 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 N1billion for the purpose

“Now we are committed to having up to N1.5bILLION in aggregate as the minimum in the fund over the next few years.”

The payment of the Bar Practicing Fee is backed by rule 9 of the professional conduct of the NBA. It is a mandatory annual fee that maintains the practice of legal practitioners in the country.

The Statutory Payments usually begin in January and end in March every year. The NBA website revealed that BPFs which range from N10,000 for legal practitioners with 10-14 years post-call, to N50,000 for senior advocates and honourable benchers, is made to the Supreme Court of Nigeria.