The Federal Government has threatened to prosecute citizens refusing to pay tax on their properties in foreign countries.

The Attorney-General of the Federation, ABUBAKAR MALAMI stated that any bank or intermediary that helps a Nigerian citizen to shield such properties would pay a fine which is the equivalent of the cost of the property.

MALAMI said this in a statement signed by his Spokesman UMAR GWANDU.

The order, which operates through the Voluntary Offshore Assets Regularization Scheme, is targeted at Nigerian citizens resident in Nigeria but own properties in foreign jurisdictions.

The AGF said that in order to ensure seamless exchange of information, the scheme would work closely with the Nigeria Financial Intelligence Unit.