Speaking with The Nation hours after he was released from police custody, Magu said he was shocked when he read the allegations designed to tarnish his image.
The panel is headed by Ayo Salami, retired president of the appeal court.
“They are nonsense. They are mere trump up allegations to tarnish my image and that of the EFCC. I did not steal or divert or convert funds to private use. I read the allegations and I was shocked,” Magu was quoted to have said.
“What I have gone through is a case of dog eats dog but I see it as one of those risks of the job… we must not give up in any way.”
Magu, who vowed to fight corruption till the end, thanked those who stood by him when he was in detention.
He asked Nigerians not to give up on the fight against corruption, saying: “Corruption kills a nation faster than any other thing.”
“I thank Nigerians for their support, they should not be discouraged. I am happy to be back, I believe the war against corruption is winnable,” he said.
“Whether I am EFCC Chairman or not, the anti-corruption war must continue.”
Magu’s travails followed a memo by Malami accusing him of grave malfeasance. He was alleged to have mishandled the recovered loot and sold seized assets to his associates.
A slew of allegations has come to the fore since his arrest. He was alleged to have purchased a property in Dubai, United Arab Emirate using a pastor as a conduit.
He was also alleged to have laundered over N500 billion through a bureau-de-change in Kaduna.
Magu earlier denied the allegations through his lawyers.
Mohammaded Umar, former director of operations at the EFCC, has taken charge of the commission in acting capacity.