Nigeria

Buhari signs Executive Order on overseas assets declaration

Friday, May 22, 2020 at 12:33 PM by Nurudeen Lawal

- President Buhari has signed an amended executive order on overseas asset declaration following inputs by stakeholders

- Nigerians who voluntarily declare their overseas assets and pay the stipulated levy to the government will receive compliance certificates

- Those who default and the banks that aid them will be made to pay penalties to the federal government, according to the executive order

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President Muhammadu Buhari has signed an amendment to the Executive Order 008 of 2018 on Voluntary Offshore Assets Regularisation Scheme.

The executive order gives all individuals who have defaulted in the declaration of their overseas assets the opportunity to voluntarily declare and pay appropriate levies.

According to a statement released on Thursday, May 21, by Umar Jibrilu Gwandu, the media aide to the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), President Buhari signed the amendment on Wednesday, May 20, ThisDay reports.

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Buhari signs Executive Order on overseas assets declaration. Photo credit: Femi Adesina
Source: Facebook

Legit.ng gathers that the president signed the amended executive order after inputs by relevant stakeholders.

Nigerians are urged to seize the opportunity provided by the new executive order to declare and regularise their overseas assets before it is too late.

According to the AGF, persons who voluntarily declare their overseas assets and pay the stipulated levy to the government will receive compliance certificates.

The certificate will allow them to use their assets freely without any hindrance.

The proceeds accruing to the federal government from the assets will be used for essential infrastructure development, the AGF said.

Anywho who defaults and the banks that cooperate with them to conceal their offshore assets will be made to pay penalties to the Nigerian government, according to the executive order.

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Meanwhile, Legit.ng previously reported that the presidency released a list of measures President had taken, and will further take, to make life abundant for Nigerians after coronavirus ends.

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This was contained in a statement released by the special adviser to the president on media and publicity, Femi Adesina, on Thursday, May 14.

An economic team to be headed by Vice President Yemi Osinbajo and the Ministry of Finance has been put in place by the president to define Nigeria’s economy post-COVID-19.

In another report, a building forfeited by the former minister of petroleum, Diezani Alison-Madueke, has been donated as an isolation centre in Lagos state by the Economic and Financial Crimes Commission (EFCC).

The EFFC handed the property, a building of six flats of three bedrooms and a boys’ quarter to Governor Babajide Sanwo-Olu on Friday, May 15.

According to the head of the agency in the state, Mohammed Rabo, the move was part of the commission's effort to fight against the spread of COVID-19.

Thanking the EFCC for the kind gesture, Governor Sanwo-Olu pointed out that a major problem in the state "is getting isolation centres for COVID-19 patients."