Frequently Asked Questions on Legalsave Initiative (savings scheme for Lawyers in Nigeria)
A penny Saved is A penny Gained.
What is Legalsave Initiative?
Legalsave is a tailored contributory/savings scheme for lawyers, designed to help you plan your finances annually. Introduced in 2010, the initiative has maintained credibility due to its accountability and transparency. It has significantly benefited its members over the years.
How does it work?
Participants contribute from January to December each year by depositing their contributions into a designated account. Both parties maintain secured records of the savings.
Who can participate in Legalsave?
All Lawyers in Nigeria, both in private practice or public institutions, Judges, Magistrates, Judicial, workers and Secretaries in law firms
Where is the origin of Legalsave?
The scheme began in the NBA Branches in Enugu, endorsed by the then Chairman of the NBA Enugu Branch, Late Sam Nnamani, but now, it is open to lawyers across various jurisdictions. Many participants who left Enugu for other jurisdictions still contribute due to the trust and ease of participation.
How can savers outside Enugu participate?
Interested participants receive an online registration form to provide their details. They can then transfer their savings to the designated account.
Is saving daily, weekly, or monthly?
The frequency of saving depends on the participant’s earnings. Savers can contribute daily, weekly, or monthly, based on their income flow. The key requirement is maintaining accurate payment records and ensuring accountability.
Is there a penalty for not saving regularly?
No. Legalsave operates on a "contribute-as-you-earn" model, meaning there are no penalties for irregular saving.
What is the duration of the contribution cycle?
The Legalsave financial cycle runs from January to December each year.
Can participants withdraw their savings before the end of the year?
Yes, withdrawals are allowed with a 7-day prior notice to management. However, this withdrawal attracts a 10% penalty on the save unless the saver indicates the withdrawal date at the point of entering. Legalsave is not a bank, and does run banking services.
When do participants receive their savings in December?
Participants receive their savings in the first week of December. This timing allows them to make early holiday purchases before prices rise.
Is Legalsave an investment scheme? Does it offer interest on savings?
No, it is strictly a savings scheme. It does not offer interest or double the savings of participants.
Are there any circumstances where Legalsave won’t pay savers?
No. Legalsave is obligated to pay every saver, except in cases of force majeure (unforeseen circumstances beyond control).
Can participants roll over their savings to the next year?
Yes, participants can roll over their savings to the following year if they wish to accumulate a larger sum for a specific goal.
What is the minimum amount a saver can contribute daily or weekly?
The minimum contribution is ₦1,000.
What happens if a saver passes away?
In the event of a participant’s death, the accumulated savings will be paid to their designated next of kin.
If you have any additional questions or need further clarification, feel free to contact us.
Cheers,
Chukwuemeka Mbamala Esq.
Former National Officer