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LAGOS
220b Eti-Osa Way, Dolphin Estate, Ikoyi. Lagos
Nigeria
WAREHOUSE | WORKSHOP | OFFICE
Plot 4, Opposite Dawaki Central Police Station, Dawaki, Abuja Nigeria.
Tel; 08024417752, 08164548280, 0806 776 5874, 08031338716, 08036099611
There are some frequently asked questions that require answers for clarification and better understanding of the NAPAAS scheme to all stakeholders including Nigeria Legion body, interested beneficiaries, our partners and interested corporate organizations.
This presentation tried to the capture these frequently asked questions and provide answers to them
NAPAAS is an acronym for National Personal Asset Acquisition Scheme. It is a program put together to cater for the needs and welfare of our Ex-service, Ex-paramilitary and other pension groups, through basic asset acquisition, capacity building, access to affordable housing, healthcare, education (scholarship) and generally for poverty alleviation, self reliance and self sustenance.
NAPAAS is a Public Private Partnership initiative
The scheme is for interested legionnaires, ex-paramilitary and other organized pension groups
Yes , forms can be uploaded from Website or collected at NAPAAS offices nationwide or NL office for legionnaires, and also through the NAPAAS Portal. Click Here
No. Interested person must apply under a group/union
Yes, investor registers with NAPAAS through the NAPAAS Portal
NAPAAS is a national scheme, but began with the NL19SAC as the pilot, and because the NL19SAC had shown interest in keying into scheme, while the other regions are already grouping to key in as well
MOU between Nigeria Legion/NL19NSAC and NAPAAS as a working contract/legal document and an inaugurated NAPAAS Evaluation, Monitoring and Implementation Committee (NEMIC)
The Military Pension Broad endorsed scheme, giving written letters to all the relevant banks with regards to the scheme and its transactions
The 10 Billion Naira Conditional BG is just an instrument as a backup for the contractors who are investing their monies by supplying product and receiving installment payments. The Initiators do not get any money from the BG
The BG is a revolving instrument that will continue for up to 4 to 5 years.
NAPAAS recognized the various programs of the Legion, including HMO and Housing Schemes; We intend to use our expertise to both support and improve on these programs, and also engage in some other joint venture programs for mutual commercial benefits
The NAPAAS Scheme is a PPP program to be operated by experts and professional, and as a limited liability organization, it’s a going concern and with a genuine interest in the plight of the ex-servicemen, for poverty alleviation, self reliance and self sustenance.
The N2000 premium is to be paid yearly
There is a plan to prepare an agreement between all relevant stakeholders but this will be upon receipt of the Board Resolution and processing of BG
The Board Resolution is not a guarantee, but a document of approval from the National body
The bank does not require any collateral from Nigeria Legion. The transaction dynamics itself has taking care in the event of default, death or any other mishap through the insurance cover, mandatory contributory deposit, and withholding of the first 2 monthly deductions as cash collateral.
