Chairman of the Senate Committee on Foreign and Domestic Debts, Mallam Shehu Sani has revealed that as much as $200 billion worth of looted funds is hidden away in the United Arab Emirates by former public office holders and their agents.

Sani revealed this on Saturday, March 5 while speaking in Abuja.

He said: “Over $200 billion are stashed away in Dubai alone. This may be the monies stolen in the last 20 years. I am not talking about estates and bonds and other securities bought with Nigeria’s stolen money.”

This revelation follows a recent collaboration between Nigerian and the UAE security agencies in the monitoring of many Nigerians, particularly the ones listed as “Politically Exposed Persons.

Nigeria in January 2016, signed a Judicial Agreement on Extradition, Transfer of Sentenced Persons, Mutual Legal Assistance on Criminal Matters, and Mutual Legal Assistance on Criminal and Commercial Matters, which includes the recovery and repatriation of looted funds with he UAE.

In the light of this, a former Nigerian governor is reportedly said to be under strict surveillance after intelligence reports from the collaborating security agencies show that the said governor might have $517million in UAE.

A source revealed to The Nation, that the former governor is “under the watch-list of the UAE and the Economic and Financial Crimes Commission (EFCC).”

“He (former governor) has been worried in the last few weeks but the law will catch up with him. The ex-governor made botched attempts to transfer about $517million loot to the Dominican Republic because UAE law is now strict.”

“The affected ex-governor is lying low and avoiding that country in order not to suffer the James Ibori fate.”

Also, as some Nigerians are under surveillance, a security source told Vanguard Newspaper that “following the recent signing of the Mutual Legal Assistance Agreement between the two countries, the accounts, transactions and investments of some Nigerians have been under surveillance.

“This is based on the sharing of intelligence between Nigeria and UAE. In fact, some of those being watched have reduced their frequent trips to the Emirates.

“Actually any highly-placed Nigerian arrested for money laundering in UAE risks a 10 -year imprisonment,” the source said.