The former governor had approached a Federal High Court to stop the Nigerian Police from arresting and prosecuting him over the alleged loan scam.

In a letter written to the Inspector-General of Police by the director of public prosecution, Mrs. Olufunmilayo Fatunde, on behalf of the Attorney-General of the Federation, dated October 9, 2012, the AGF said it would be improper and unjust to hold Dr. Saraki or the companies criminally liable for internal action and decisions of the bank and its officials bordering on exercise of discretion.

Dr. Saraki and Mr. Pinheiro were alleged to have been connected with the grant of the loans as promoter and director respectively of the companies.

But Mrs. Fatunde in her letter to the IGP said, "by virtue of Section 18 of the Act, a director or any other officer or partner of a company can only be held responsible in that capacity for the actions of the company if the company is guilty of an offence under the Act.

"Since the companies in this case cannot also be held to have committed any offence under Section 15(1)(a), it follows that Dr. Saraki and Mr. Pinheiro cannot also be held criminally responsible only on an account of having acted as promoter and director of the companies in connection with the said loan."