NBA Access to Finance Scheme: NBA Signs Mou with Access Bank Plc and First Bank Ltd as Scheme Kick-offs on June 1, 2022
Dear Colleagues,
As you are aware, the Nigerian Bar Association (NBA) has created a scheme for lawyers who may require loans for their working capital, operational needs and other purposes required for the professional development and career advancement of individual lawyers . Members who meet the prescribed eligibility criteria can borrow up to N2 million at the single-digit interest rate of 9% per annum.
The scheme involves enabling borrowing by eligible lawyers from two designated commercial banks: First Bank of Nigeria LTD and Access Bank PLC, under an arrangement that is cash-backed by the NBA.
In furtherance of this objective therefore, the NBA, on Monday the 23rd of May and Friday, the 27th of May 2022, signed binding Memorandum of Understanding (MOU) with First Bank Ltd and Access Bank Plc, respectively. The respective MOU regulate the relationship between the NBA and both Banks, regarding the NBA Access to Finance Scheme.
The Scheme is backed by a sum of N1.5Billion which has been set aside by the NBA as initial funds for backstopping borrowings by members of the Association.
To borrow under the Scheme:
Step 1 – An interested member is to obtain a Letter of Good Standing from his or her branch of the NBA.
Step 2 – Such member is to apply to the NBA Secretariat Abuja, by email to ayodeji.oni@nigerianbar.org.ng for a Letter of Loan Eligibility.
The application shall be accompanied by the Letter of Good Standing issued by the applicant’s branch of the NBA.
Step 3 – Upon issuance of Letter of Eligibility, the NBA would provide the loan documents (as provided by either of the Banks) to its interested member.
Step 4 – The Member shall complete the relevant forms and submit them to either of the Banks for processing.
Step 5 – The Bank selected by the prospective borrower will reconfirm the genuineness and eligibility of the member with the NBA before the request is processed.
Step 6 – The Member shall provide the relevant KYC documents as required by the Bank on its checklist for processing
Step 7 – Upon provision of the relevant KYC documents, the Bank shall review the documents to determine the credit history and also establish the amount the member can borrow subject to a maximum borrowing amount of N2million for each member.
Step 8 – Each qualified member will sign an offer letter and other relevant documentation with respect to the loan (e.g his repayment structure/plan) as determined by the Bank.
Step 9 – Upon fulfilment of the foregoing, the Loan shall be disbursed.
Interested members can reach out to the following for the processing of their loans.
FIRST BANK LTD
Nkechinyere Nkoju- Relationship Manager Nkechinyere.D.njoku@firstbanknigeria.com 08138007031
Mojisola Williams – Relationship Manager Mojisola.m.tometi@firstbanknigeria.com 08028071122
Victor Jakpa – Business Manager Victor.jakpa@firstbanknigeria.com 08033086833
ACCESS BANK PLC
Adedolapo Adeyemi: 0816 420 6334
Oluwabukola Oyinloye: 0703 130 2803
UltraHNWILawFirm@ACCESSBANKPLC.com
The scheme will kick off on the 1st day of June 2022.
Dr. Rapulu Nduka
Publicity Secretary,
Nigerian Bar Association
