‘’All
our Dreams can come true – if only we have the courage
to pursue them”. The NMA kwara – UBA loan package began
as a dream that gradually metamorphoses through a
formative stage into a crystal of reality. It was borne
out of the zeal to bring financial lift to members’
door-step in line with the membership welfare-driven
policies of the current executive.
A
colleague, who is very passionate about dreams, once
revealed at the beginning of last year that he dreamt
that he purchased a house and various landed properties
in his sleep. He was then wondering how this could
materialize when in fact, as at that time he had not a
single dime in his account and barely survives on his
salary from month to month. As fate would have it, he
heard a wave of the NMA-UBA loan package about March lat
year and did not hesitate to apply. Before the end of
the year, he already owned a house on mortgage, some
plots of land (including NMA kwara land scheme) and a
sizeable number of shares in two Nigerian leading banks.
A case of a Dream Comes True.
The NMA
kwara SEC inaugurated a Nine-man committee early last
year to work out a modality for packaging loan for
members through a suitable commercial bank at the most
favorable rate achievable. Six (6) leading commercial
banks made presentations to the committee, to the SEC
and later at the OGM. Eventually, UBA Plc with its team
of young, dedicated and hardworking staff had an edge.
Initial Term and Conditions were deliberated upon
culminating in what we now know as the NMA kwara – UBA
partnership. The bank made an In-principle offer of 360
million naira for a term of 36 months maximum as loan to
NMA for distribution to members.
Afterwards, scores of formal and informal meetings were
held where guidelines and procedures for granting
members loan were set and fine tuned. A loan package is
now in the offing.
Of
course, initial problems of documentation, obtaining
ISPO from employers (i.e. State Government, UITH and
UNILORIN), opening of corporate accounts and so on and
so on were bravely tackled. Issues of hidden charges
from bank, Quarterly fees, VAT etc were also part of the
initial constraints and pending mutual resolution.
Finally, after moments of suspense and heated
interactions and consultations on either side, an EGM
was summoned at which final decision on new terms and
conditions were taken, for the loan to be taken in
trenches and batches.
The
first batch of 84 million naira was disbursed to members
in June, 2007. This was closely followed by 109 million
naira in July as 2nd batch; 65 million naira
for 3rd batch in September; 39 million naira
for 4th batch in December; 29 million for 5th
batch in January, 2008. As at the time of this write-up,
the 6th batch of 24 million is due to be
disbursed about mid-February, 2008.
Over
160 members (involving all cadres of Medical Doctors)
from UITH and UNILORIN have benefited from the loan
scheme. Also, over 25 members in the employment of the
State and Private sectors are beneficiaries. Payments
are going on as scheduled.
We want
to appreciate the work of the committee members namely:
Dr A.I.’R. Abioye (Chairman); Dr Issa F. Yusuf
(Secretary); Dr Ibrahim O.O.K.; Dr M.B. Uthman; Dr C.E.
Onuchukwu; Dr E. Oyewole; Dr Adewumi Ariyo; Dr Adeyemo;
Dr Ghazal O.; and Dr Jimoh Kamaldeen was later co-opted.
We salute the Executive council and the committee
members for this monumental achievement. We particularly
commend the efforts of the committee’s secretary, Dr
Issa Funsho Yusuf whose unwavering interest, dogged
physical and mental dedication to the loan process
cannot but be noticed.
NMAkwara-UBA package – a partnership that works.
Thank
you.
From
the Editorial Desk of:
Dr Jimoh kamaldeen
