President Muhammadu Buhari has on Friday being 22nd May 2020 announced the signing of Voluntary Offshore Assets Regularization Scheme (VOARS), into law.
President Muhammadu Buhari disclosed this on his official twitter handle @Mbuhari.
According to President Buhari, the VOARS is an amendment to Excutive Order 008 which is to strengthen the implementation and enforcement of the Order that was originally signed in October 2018.
In his separate tweets, Buhari says: \”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\”
In another follow up tweet, President Muhammadu Buhari also said, \”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\”.
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