President Muhammadu Buhari has signed an amendment to the the
Executive Order 008 of 2018 on Voluntary Offshore Assets
Regularization Scheme (VOARS).
VOARS gives all relevant persons and their intermediaries, who
have defaulted in declaration of their offshore assets, the
opportunity to voluntarily declare and regularize their offshore
assets, subject to the fulfilment of the terms and conditions
stipulated in the order and other subsequent regulations.
In a statement on Thursday, media aide to Abubakar Malami (SAN)
the Attorney-General of the Federation and Minister of Justice, Dr.
Umar Jibrilu Gwandu said Buhari signed the amendment on May 20.
“President Muhammadu Buhari of the Federal Republic of Nigeria
signed the Executive Order 008 on Voluntary Offshore Assets
Regularization Scheme (VOARS) in October 2018.
“As a result of stakeholders’ input and need to strengthen the
implementation mechanisms and structures, the Order was
reviewed.
“Consequently, the amendment to Executive Order 2008 was signed
on 20th May, 2020 by President Buhari.
“The Executive Order 008 (as amended) mandated the Attorney
General of the Federation to set up and implement a Voluntary
Offshore Assets Regularization Scheme (hereinafter referred to as
VOARS).
“In order to ensure seamless exchange of information, VOARS will
work closely with Nigeria Financial Intelligence Unit (NFIU) which
has worldwide access to relevant financial information.
“The FGN (Federal Government of Nigeria) hopes that relevant
persons amongst Nigerians, Nigerian entities and their
intermediaries will seize the opportunity provided by VOARS to
declare and regularize their offshore assets before it is too
late.
“Relevant persons who voluntarily declare their offshore assets
and pay the stipulated levy to FGN will receive compliance
certificates which allows them to use their residual assets freely
without hindrance.
“The recoveries accruing to the FGN will be used for essential
infrastructure development for benefit of Nigerians.
“For defaulters, who may be tempted to continue concealment of
their offshore assets, the Executive Order 008 as amended,
stipulates that “any domestic or foreign bank, asset manager or
intermediary that cooperates with defaulters, enabling them to
conceal offshore assets and obligations pertaining to them shall,
upon discovery, be liable to pay to FGN a penalty on the total of
such offshore assets, in addition to other penalties provided for
under Nigerian laws or laws of foreign countries from which Nigeria
can benefit.”
President Muhammadu Buhari has signed an amendment to the the
Executive Order 008 of 2018 on Voluntary Offshore Assets
Regularization Scheme (VOARS).
VOARS gives all relevant persons and their intermediaries, who
have defaulted in declaration of their offshore assets, the
opportunity to voluntarily declare and regularize their offshore
assets, subject to the fulfilment of the terms and conditions
stipulated in the order and other subsequent regulations.
In a statement on Thursday, media aide to Abubakar Malami (SAN)
the Attorney-General of the Federation and Minister of Justice, Dr.
Umar Jibrilu Gwandu said Buhari signed the amendment on May 20.
“President Muhammadu Buhari of the Federal Republic of Nigeria
signed the Executive Order 008 on Voluntary Offshore Assets
Regularization Scheme (VOARS) in October 2018.
“As a result of stakeholders’ input and need to strengthen the
implementation mechanisms and structures, the Order was
reviewed.
“Consequently, the amendment to Executive Order 2008 was signed
on 20th May, 2020 by President Buhari.
“The Executive Order 008 (as amended) mandated the Attorney
General of the Federation to set up and implement a Voluntary
Offshore Assets Regularization Scheme (hereinafter referred to as
VOARS).
“In order to ensure seamless exchange of information, VOARS will
work closely with Nigeria Financial Intelligence Unit (NFIU) which
has worldwide access to relevant financial information.
“The FGN (Federal Government of Nigeria) hopes that relevant
persons amongst Nigerians, Nigerian entities and their
intermediaries will seize the opportunity provided by VOARS to
declare and regularize their offshore assets before it is too
late.
“Relevant persons who voluntarily declare their offshore assets
and pay the stipulated levy to FGN will receive compliance
certificates which allows them to use their residual assets freely
without hindrance.
“The recoveries accruing to the FGN will be used for essential
infrastructure development for benefit of Nigerians.
“For defaulters, who may be tempted to continue concealment of
their offshore assets, the Executive Order 008 as amended,
stipulates that “any domestic or foreign bank, asset manager or
intermediary that cooperates with defaulters, enabling them to
conceal offshore assets and obligations pertaining to them shall,
upon discovery, be liable to pay to FGN a penalty on the total of
such offshore assets, in addition to other penalties provided for
under Nigerian laws or laws of foreign countries from which Nigeria
can benefit.”