NBA Reveals How Interested Lawyers Can Access N2m Loan From First Bank, Access
The Nigerian Bar Association has disclosed the procedures through which lawyers can get up to N2m loan from First Bank and Access Bank under its NBA Loan Financing Scheme.
This was disclosed in the Annual Report 2021/2022 of the outgoing NBA administration of Olumide Akpata obtained by our correspondent.
The association currently has about 70,000 lawyers under its umbrella.
The NBA said that the essence of the loan scheme which started in June 2022, is to “assist lawyers who may require finance as working capital, operational exigencies and professional development.”
The NBA Loan Financing Scheme is now operational after the NBA signed a Memorandum of Understanding with First Bank and Access Bank.
“The project is cash backed with N1,500,000,000.00 (One Billion, Five Hundred Million Naira),” according to the report.
The association stated that members can access up to N2,000,000 (Two Million Naira).
But interested lawyers were asked to follow a number of procedures to determine their eligibility and accessibility of the loan:
- Obtain a Letter of Good Standing from your local branch.
- Send an application to the NBA National Secretariat by email to ayodeji.oni@nigerianbar.org.ng, to obtain a Letter of Loan Eligibility.
- After the issuance of the Letter of Eligibility, the NBA will give the member the loan application form as provided by the Banks.
- The completed form will be submitted to the bank by the Applicant.
- The Applicant shall submit KYC documents required by the bank.
- Once an Applicant is qualified, he/she will execute an Offer Letter and other documents as requested by the Bank. Maximum of two million will be disbursed.”
