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Saturday, October 31, 2020

Buhari Amends Executive Order on Offshore Assets Declaration

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Muhammadu Buhari

Davidson Iriekpen

President Muhammadu Buhari has signed an amendment to the Executive Order 008 of 2018 on Voluntary Offshore Assets Regularisation Scheme (VOARS).

The order gives all relevant persons and their intermediaries, who have defaulted in the declaration of their offshore assets, the opportunity to voluntarily declare and regularise their offshore assets, subject to the fulfillment of the terms and conditions stipulated in the order and other subsequent regulations.

In a statement thursday, Dr. Umar Jibrilu Gwandu, the media aide to the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), 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 Regularisation Scheme (VOARS) in October 2018.

“As a result of stakeholders’ inputs 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 Regularisation 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 regularise 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 allow 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.”

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