President Muhammadu Buhari has signed the Executive Order 008 on Voluntary Offshore Assets Regularization Scheme (VOARS) 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 2008 was signed on 20th May, 2020 by President Buhari.
This is contained in a statement by Dr. Umar Jibrilu Gwandu; Special Assistant on Media and Public Relations, Office of the Attorney-General of the Federation and Minister of Justice and made available to newsmen in Abuja on Thursday 21st May, 2020. 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.