President Muhammadu Buhari, has signed the Executive Order 008 on Voluntary Offshore Assets Regularization Scheme (VOARS), of October 2018.

As a result of stakeholders input and need to strengthen implementation mechanisms and structures, the Order was reviewed. Consequently, the Amendment to Executive Order 008 of 2008 was signed on 20th May, 2020, by President Buhari.

Dr. Umar Jibrilu Gwandu, Special Assistant ( Media) to the Honourable Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN) made this known in a statement issued on Thursday, 21st May, 2020.

The statement disclosed that, 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”). 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 fulfillment of the terms and conditions stipulated in the Order and other subsequent regulations.

“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”.
FGN 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 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, 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 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.”

Ogundoro Modupe
Deputy Director (Information)
21st May, 2020.

https://fmic.gov.ng/president-buhari-signs-amendment-to-2018-executive-order-008-on-voluntary-offshore-assets-regularization-scheme-voars/

Hmm



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Thank you

Did he even know what he signed .

Somebody say sai baba!!

Ok

good

Has he read what he signed

On your own oooo.

This mumu again

why didn't Buhari send the executive order to the senate as an executive bill so that we can have a proper law regarding it

Now Buhari clearly wants to use Prof Agboola Gambari's international diplomatic connections and knowledge to go after looted foreign asset of politicians...

If i work abroad and get my asset over there, who the fvck is Nigerian Government to make me declare it? did I make the money in Nigeria


.

R

Somebody should inform Buhari to sign the electorate bill also now the elections still far away. Cos, It will benefit both Apc, PDP and other more especially Nigerians.

Buhari doesn't know shit about anything

Any documents that finds its way to his table always get signed

He's just a figure head president and will go down in history as the worst president of Nigeria

Ok.
Well-done Mr President, so when are you signing the electoral amendment bill. It been on your table for long.

.

Make I hear say na Buhari tweet that polished information. I bet he doesn't even know what is Twitter.

Ok

What does the jihadist and coneheads know about VOARS?

NaijaOlosho:
Has he read what he signed

sincerely you are a badt girl.

Hmm, OK.

Bu wetin

Gudos to Mr president

Thank God for this.
At least one good policy against the corrupt elites

A very good one , this will deter our politicians who are in the habit of stacking away the wealth of the nation overseas

Kingspin:
Somebody

Magnumproperty:
Ok

rosy1992:
Hmm, OK.

somziency:
.

darfay:
R

dayleke:
More ink to his pen.

thefacelessman:

Someone should please interpret for me o

Na wao.

More ink to his pen.

Those who have hears, let them hear

Its none of my business.