Former governor of Kwara State and serving senator, Bukola Saraki, failed to honour an invitation by the Special Fraud Unit of the Nigeria Police in Lagos on Monday to answer allegations of an N11bn loan scam levelled against him.

Saraki had been invited on Friday by the SFU but pleaded for an extension of time till Monday before showing up on grounds that he had to attend a funeral.

Similarly,the Commissioner of Police, SFU, Mr. Tunde Ogunsakin, had told our correspondent on the telephone on Sunday that Saraki had promised to honour the invitation on Monday.

The PUNCH learnt that detectives at the SFU waited in vain for the former governor for hours on Monday.

In a statement signed by the spokesperson for the SFU, Ngozi Isintume, a group of companies — Joy Petroleum Limited, Skyview Properties Ltd, Dicetrade, and Limkers Nigeria Ltd — were given loans by the bank under the management of former Managing Director of Intercontinental Bank, Mr. Erastus Akingbola.

The loans were allegedly promoted by Saraki between 2004 and 2009 when he was the Governor of Kwara State.

The SFU noted that the loans/facilities worth billions of naira were used to purchase shares in blue chip companies and choice landed properties in Lagos and Abuja, some of which were used to secure the loans.

However, Akingbola's successor following the shake up by the Central Bank of Nigeria, Mr. Mahmood Alabi, granted a waiver of N9,97bn, representing about 82 per cent of N11.97bn indebtedness.

Also, the landed properties worth billions of naira used to secure the loans were curiously released after payment of only N2.3bn out of the N11.97bn jointly owed the bank by the companies.

Last week, Alabi was arrested by the SFU and interrogated by the SFU but was subsequently released on bail.

All attempts to reach Ogunsakin on Monday proved abortive as he did not respond to phone calls as well as a text message.

It was unclear what would be the next line of action by the SFU following the development.