The meeting is taking place at the Hilltop residence of the former military ruler.
NAN reports that Mr Saraki landed at Minna International Airport at about 4.10 p.m. and drove straight to the home of the reclusive former leader.
It was not clear whether Mr Saraki came to discuss his presidential ambition with Babangida.
At a press conference Thursday, he sidestepped the question. But he did not outrightly deny nursing the ambition.
He said he would answer the question on another day.
“We are here today about the democracy of this country, and that is what is important to me and to all of us that are here.
“I think when the time is right I will talk on your issue but today, we are talking about democracy in Nigeria, to defend the rule of law,” he said.
On whether or not he would relinquish the position of Senate Presidency which he was ‘given’ under the All Progressives Congress (APC), Mr Saraki stressed that he was not given the position but was elected by members.
He said that the constitution allows any member of the Senate to stand for election as the President of the Senate irrespective of the person’s party.
“I was not given the position as senate president. I was elected by members,” he said.
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