2.3. NBA Life Assurance Policy
This administration has negotiated an increase in payable death benefits by 100%. It is now N2, 000, 000 in the event of death and N1, 000, 000 in the case of terminal sickness or accidents resulting in partial incapacitation. We will continue to negotiate with our insurers for increased insurance pay-outs with the aim of achieving an increase of 50% in the pay-out, if the incentive is increased.
2.4. Access to Credit
The current Finance Committee, to its credit, negotiated with various financial institutions including Access Bank Plc and First Bank Plc, and announced a finance scheme for lawyers in 2021. The scheme will provide credit to lawyers at single digit interest rate far less than the market rate of 23%, to enable lawyers set up their practice. The NBA backstops the facilities with funds of the Association domiciled in selected financial institutions. My administration will continue and improve on this scheme.
My administration will actively engage with the Central Bank of Nigeria (CBN) regarding the classification of law firms as Small and Medium Scale Enterprises (SMEs) to enable them benefit from fundings available to SMEs through the CBN. We will canvass for increased borrowing thresholds, reduced interest rates and access to other facilities.
We will also engage with Islamic Banks in order to accommodate the needs and preferences of all our members. We will take advantage of our numerical strength in seeking other lending and financing arrangements that would be of benefit to the members of the NBA.
2.5. E-Consultation
As a means of consolidating the NHIS scheme and a way of enhancing access to medical health, we will leverage technology as a means of consultation between doctors and our members, working together with healthcare providers. This way, we can expand the scope of the health care cover, ease access to doctors and promote the wellbeing of our members.
3.0. ENHANCEMENT OF EARNING CAPACITY
3.1. Remuneration
The issue of the poor remuneration of lawyers (especially young lawyers) and the corresponding challenge of the poor earning capacity of lawyers is an area to which our administration shall devote a lot of time. The NBA Remuneration Committee has done tremendous work in data collection and analysis relating to earning and wages across the country.
The resultant report was presented to and approved by NEC at its meeting of 17 March 2022. My administration will make this a major plank of its administrative agenda and seek to achieve standardisation and enhanced standards of service delivery by members of the NBA to the legal profession in Nigeria.
During the debate at NBA- NEC on the recommendations of the Remuneration Committee, it was clear that there was unanimity of opinion regarding the need to take positive steps to improve the current situation of undercutting of fees by lawyers, as well as deal with the issue of earning capacity & pay.
The issue of conditions of service of lawyers in law firms and at other organisations that employ lawyers is one that goes to the root of integrity and existence of our profession. My administration will address these issues by publicising the report of the Remuneration Committee so that members of the Association are aware of the reasons for the recommendations.
My administration shall implement the recommendations of the Remuneration Committee by immediately taking forward aspects of the recommendation that require urgent action.
3.2. Protection of Lawyers’ Business
Whilst the above paragraph on Remuneration and the Report of the NBA Remuneration Committee deals with the structural issues that affect the earning capacity of our members, it is clear that competition from other professions like Estate Surveyors/Agents and Accountants and indeed foreign law firms and local financial institutions constitute a clear and incessant existential danger to our profession.
Download Maikyau, SAN’s full manifesto at Manifesto+-+submission+version
* To be continued.
