He had been arrested and hauled before the Justice Ayo Salami-led presidential panel to answer the fraud charges preferred against him by the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN).
Magu was in a police facility in Abuja from where he had been taken before the probe committee every morning
His lawyer, Tosin Ojoamo, had written the Inspector General of Police (IGP), Mohammed Adamu, last Friday, demanding his bail.
But the IGP, in a response released earlier yesterday, said the panel was the one holding him.
The erstwhile anti-graft czar was arrested last week Monday.
This came, as President Muhammadu Buhari reportedly suspended over 10 senior officials of the Economic and Financial Crimes Commission (EFCC).