Nigeria's President, Muhammadu Buhari has finally commented on the ongoing probe into the activities of former acting chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu.

POLITICS NIGERIA earlier reported that Magu is being investigated by an inter-agency panel appoin by Buhari to look into allegations of Fraud and Misconduct levelled against the ex-EFCC chair. Magu is still in detention.

Below are 7 things the president disclosed in a statement issued by his spokesman, Garba Shehu, on Saturday;

1. "A series of documented allegations were made against the Ag. Chairman of the Economic and Financial Crimes Commission (EFCC). Following a preliminary review of the allegations levelled against the Ag. Chairman and several other members of his staff, there were grounds for a detailed investigation to be conducted."

2. "An investigative panel was constituted in compliance with the extant laws governing the convening of such a body. As is the proper procedure, when allegations are made against the Chief Executive of an institution, and in this case an institution that ought to be seen as beyond reproach, the Chief Executive has to step down from his post and allow for a transparent and unhindered investigation."

3. "The EFCC does not revolve around the personality of an individual, and as such cannot be seen through the prism of any individual."

4. "The suspension of Mr Ibrahim Magu, allows the institution to continue carrying out its mandate without the cloud of investigation hanging over its head."

5. "Mr Magu is being availed the opportunity to defend himself and answer the allegations against him. This is how it should be, as is the fact that under the Laws of Nigeria every citizen is presumed and remains innocent until proven guilty."

6. "Those who see Mr Magu’s investigation, as a signal that the fight against corruption is failing, have, unfortunately, missed the boat. There is no better indication that the fight is real and active than the will to investigate allegations in an open and transparent manner against those who have been charged to be custodians of this very system."

7. "There are no sacred cows, and for those who think they have a halo over their heads, their days are also numbered. Mr Magu was not immune – and regardless of the obvious embarrassment that potential acts of wrongdoing by him, given the office he held, may appear for the government."