President Muhammadu Buhari has signed an Amendment to Executive Order 008, on the Voluntary Offshore Assets Regularization Scheme (VOARS).
This Amendment, is expected to strengthen the implementation and enforcement of the Order, which he originally signed in October 2018.
The President made the announcement on Friday, on his official Twitter handle @MBuhari.
VOARS, grants Nigerians and Nigerian entitles, who have defaulted in declaration of offshore assets, the opportunity to voluntarily declare and regularize these assets.
The President announced, that there will be severe penalties for defaulters, and for the financial institutions that enable them.