Buhari amends Voluntary Offshore Assets Regularization Scheme

The President, Major General Muhammad Buhari (retd.), has signed an amendment to the executive order on the Voluntary Offshore Assets Regularization Scheme.

In a statement issued on his official Twitter handle, Buhari stated that the amendment "will strengthen the implementation and enforcement of the order" which he "originally signed in October 2018".

The President also revealed that those who defaulted in declaring offshore assets can now voluntarily declare their assets.

The statement reads: "I have signed an Amendment to Executive Order 008, on the Voluntary Offshore Assets Regularization Scheme (VOARS). This Amendment will strengthen the implementation and enforcement of the Order, which I originally signed in October 2018.

"VOARS grants Nigerians and Nigerian entitles, who have defaulted in declaration of offshore assets, the opportunity to voluntarily declare and regularize these assets. There will be severe penalties for defaulters, and for the financial institutions that enable them".

I have signed an Amendment to Executive Order 008, on the Voluntary Offshore Assets Regularization Scheme (VOARS). This Amendment will strengthen the implementation and enforcement of the Order, which I originally signed in October 2018.

— Muhammadu Buhari (@MBuhari) May 22, 2020