The Nigerian Bar Association (NBA’s) newly-introduced Stabilisation Fund is only for members who have duly paid their bar practicing fee.
Dr Rapulu Nduka, National Publicity Secretary of the Nigerian Bar Association (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 loans under the NBA Stabilisation Fund, 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 establishment of the fund.
The statement is tagged, “Establishment of the NBA Stabilisation Fund and Commencement of Access to Finance Scheme for Lawyers”.
The NBA had said in the statement that the fund would be helpful to lawyers in the ‘rainy day’.,
It, however, warned that defaulting in repayment would be termed professional misconduct.
“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.
According to the NBA, a member can access a maximum of N2 million loan at an interest rate of 9.5 per cent per annum for easy risk management. (NAN)
