Ex-MD of Finbank and three other directors have been sentenced to varying degrees of imprisonment over theft and illegal conversion of N10.9 million.
Suspended EFCC boss is expected to disclose the whereabouts of the missing interest funds running into millions of naira.
Babatunde Fowler has been invited by the Economic and Financial Crimes Commission (EFCC) over alleged fraud.
President Buhari is seeking approval of the Reps to grant the EFCC powers to freeze accounts allegedly holding proceeds of crime.
The EFCC has made a recovery of the sum of N4.16 billion for the government from lottery companies.
The lawyer who was convicted alongside Ibori may lose his financial asset to the British government.
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.