The Nigerian Bar Association (NBA) says it processed and paid N173 million to families of 155 deceased lawyers across the country.
This was revealed in its Insurance update from September 2021 to August 2022 as disclosed in its Annual Report (2021/2022).
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As a tradition, the NBA insure members that pay practicing fees by March 31 of every year with Leadway Assurance Plc.
The association has a ‘Life Assurance Scheme’ with Leadway Assurance Plc which in turn, settles all the death benefit claims for deserving members.
The outgone Welfare Secretary of the NBA, Edun Olukunle, stated in the report that the Akpata administration negotiated an increment of the death benefit from N1m to N2m, commencing from 2022.
“It is important to state that this increment was done at no extra charge to members.
“The other categories of insurance benefits also had a commensurate increase,” Olukunle stated.
As seen in the report, the deceased members whose insurance claims were processed by NBA and paid to their beneficiaries were 155.
18 of them got N2m each while the rest were paid N1m each.
