FG inaugurates scheme to encourage declaration of offshore assets

The Attorney-General of the Federation and Minister of Justice,
Mr. Abubakar Malami (SAN), on Tuesday announced the Federal
Government’s plan to bridge the nation’s infrastructure deficit
with the proceeds from a proposed Nigeria Infrastructure Fund to be
established in Switzerland.

Malami said the Nigeria Infrastructure Fund would be an
investment facility with “minimal” contribution from the Federal
Government and contributory investments from banks, prospective
international investors, as well as Nigerians with offshore assets
and foreign-sourced incomes.

He said this during the unveiling ceremony of the Voluntary
Offshore Assets Regularisation Scheme held in Abuja.

The scheme, which Malami jointly unveiled alongside the Minister
of Finance, Mrs. Zainab Ahmed, was designed to provide a platform
for taxpayers to declare all their offshore assets and
foreign-sourced income relating to the preceding 30 years.

Under the VOAR Scheme, the person who makes the voluntary
declaration is to be exempted from possible criminal prosecution
for tax offences relating to undeclared offshore assets.

Malami said the VOARS was initiated by “the Swiss Consortium,”
with a view to facilitating regularisation of offshore assets owned
by Nigerians.

He said following the agreement signed between the AGF office,
acting on behalf of the Federal Government, and the Swiss
Consortium, for the establishment of VOAR, “a Nigeria
Infrastructure Fund in Switzerland was proposed.”

“This Nigeria Infrastructure Fund is aimed at imploring and
encouraging Nigerians with offshore assets holdings to invest in
the infrastructure,” he said.

The AGF said the investment in the NIF was “with a view to
increasing Nigerian tax base, bridging Nigeria infrastructure
deficit and inviting direct foreign investment for the development
of infrastructure in Nigeria”.

He explained that from the funds voluntarily declared, the
Federal Government would deduct 35 per cent, while two and a half
per cent would be charged as administrative fees, while the about
63 per cent remaining would be “registered in the system to become
taxable in Nigeria.”

VIDEO: NAF Jets Rain Bombs on ISWAP’s Fighters in
Northern Borno

The Air Task Force (ATF) of Operation LAFIYA DOLE has
significantly degraded an Islamic State of West Africa Province
(ISWAP) Terrorists’ Hideout and neutralized some of its leaders and
fighters at Magari on the fringes of Lake Chad in the Northern part
of Borno State.

This was accomplished in an air interdiction mission conducted
yesterday, 1 April 2019, following credible intelligence reports
indicating that some senior ISWAP leaders arrived the settlement on
Friday, 30 April 2019, along with some of their fighters.

Intelligence Surveillance and Reconnaissance (ISR) missions
conducted over the weekend confirmed increased level of human
activities in the settlement with a prominent ISWAP flag observed
near 2 compounds in the settlement indicating the presence of high
level leaders of the Sect.

Accordingly, 2 Nigerian Air Force (NAF) Alpha Jet aircraft,
supported by an ISR platform, were dispatched to attack the
identified compounds within the settlement.

Overhead the target area, some terrorists were observed in the
vicinity of the compounds. The bombs from the 2 Alpha Jets recorded
direct hits on the target compounds resulting in destruction of
several structures, which were seen engulfed in flames. Several of
the terrorists were also neutralized in the process.

The NAF, operating in concert with surface forces, will sustain
its operations against the terrorists in the Northeast.

IBIKUNLE DARAMOLA

Air Commodore

Director of Public Relations and Information

Nigerian Air Force