The minister claimed that the management withdrew the amount through fake contracts and other means.
NEXIM Bank was established in 1991 and is devoted to diversifying Nigeria's non-oil export base.
The suspension follows the investigation of allegations of gross misconduct against him on Monday.
A 2016 report had indicted Magu of several criminal acts including diversion of recovered loot.
SERAP has asked President Muhammadu Buhari to instruct the EFCC and ICPC to jointly track and monitor spending by federal agencies and state governors to combat...
Billions of dollars have been lost from the ignorance of people who are new to the cryptocurrency market to crypto scammers.
EFCC is targeting billionaire businessman and founder of Premier Lotto, Kessington Adebutu in an ongoing corruption investigation.
Telecommunication providers in the country are set to be investigated by EFCC and DSS over allegedly owing NITDA N200 billion.
A Federal High Court in Lagos has ordered the final forfeiture of Obinwanne Okeke's N280,555,010 to the Federal Government.
EFCC has secured jail terms for two former staff of Diamond Bank Plc which merged with Access Bank Plc earlier this year.