An Abuja High Court will on Thursday (today) hear an application by former Kwara State Governor Bukola Saraki seeking to refrain the police from arresting him over an alleged N11bn loan.

Saraki had been invited last Friday by the Special Fraud Unit of the Nigeria Police Force to respond to allegations leveled against him but failed to go.

However, Saraki on Tuesday, obtained an interim injunction restraining the Inspector-General of Police, his officers and agents from threatening to arrest him or infringe on his rights pending the determination of the substantive suit on Thursday, May 26, 2012.

The motion on notice was filed in Federal High Court 4, Abuja by his lawyer, Lawal Raban, and was served and duly received by the Commissioner of Police in charge of Legal Matters

According to reliable sources, Raban, as well as representatives of the police will be in court on Thursday (today), to convince the judge that the application for injunction should be denied or granted.

The SFU had alleged that a group of companies - Joy Petroleum Limited, Skyview Properties Limited, Dicetrade, and Limkers Nigeria Limited — 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 governor.

The SFU alleged that the loans/facilities worth billions of naira were used to purchase shares in some companies and 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.