President Muhammadu Buhari has signed an amendment to the the Executive Order 008 of 2018 on Voluntary Offshore Assets Regularisation Scheme (VOARS).
The review followed input made by stakeholders and also the need to strengthen the implementation mechanism and structure of the order.
VOARS provides opportunity to all relevant persons and their intermediaries, who have defaulted in declaration of their offshore assets, 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.
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The Attorney General of the Federation and Minister of Justice (AGF), Abubakar Malami, in a statement by his media aide, Dr. Umar Jibrilu Gwandu, said President Buhari signed the amendment on May 20.
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“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’ 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 Regularisation Scheme (hereinafter referred to as VOARS).”
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