Zacc probes CIO project corruption

The Central Intelligence Organisation (CIO)'s investment arm, Terrestrial Holdings (Private) Limited, is under investigation by the Zimbabwe Anti-Corruption Commission (Zacc) over a US$6.8 million corruption scandal linked to the construction of a multi-purpose three-storey building in Avondale, Harare, documents reveal.

The probe centres on allegations that Terrestrial Holdings abused CIO influence to secure and divert pension funds from the National Social Security Authority (Nssa) for profit-making activities unrelated to the intended construction project. The CIO is currently headed by Director-General Fulton Mangwanya, who took over from Isaac Moyo in January last year. However, the transaction trail leading to the alleged corruption dates back to 2021, during Moyo's tenure, and continued after Mangwanya assumed office.

According to the documents, Terrestrial Holdings leveraged its proximity to the powerful state security agency to obtain a US$6.78 million loan from Nssa, with US$4.5 million disbursed initially. Investigators say the loan was secured through pressure and manipulation, driven by what they describe as "simmering greed and calculated criminal intent for profit and self-enrichment".

The money trail shows the funds moved from Nssa through Stanbic Bank Zimbabwe to Chigama Architectural Services and Project Management (Private) Limited, before being channelled into Alpha Asset Management and Access Forex (Private) Limited, two financial entities said to have been facing cash-flow challenges and offering high-interest investment deals.

Alpha Asset Management is run by Rudo Mukamba, while Access Forex is led by Raymond Singathini Chigogwana. Zacc's investigation is focusing on directors of both Terrestrial Holdings and Chigama Architectural Services and Project Management.

Search and seizure operations were carried out between November last year and January 2026 at Access Forex, Alpha Asset Management, Stanbic Bank, Chigama Architectural Services and Project Management, Nssa and Terrestrial Holdings itself. Investigators seized contracts, financial statements, bank records and other documentation.

Terrestrial Holdings, which is controlled by the CIO, is a sprawling business conglomerate with interests in mining, transport, real estate, energy, agriculture, pharmaceuticals, telecommunications, tourism and hospitality. Although the CIO receives funding from taxpayers through the national budget, it also runs Terrestrial Holdings as an off-budget financing vehicle, controlling more than 10 companies.

Terrestrial Holdings operates from the 7th Floor of Livingstone House on Samora Machel Avenue in Harare, while Chigama Architectural Services and Project Management is based in Belgravia. Chigama specialises in architectural design, interior design and project management, with operations in Harare and Windhoek, Namibia.

Documents show that in 2024, Terrestrial Holdings was awarded a US$6.8 million government contract to renovate and construct a three-storey building at Stand Number 8, Natal Road, Belgravia, also known as Stand 3218 Salisbury Township. The property belongs to the Department of the Office of the President and Cabinet, which oversees the CIO.

After securing the contract, Terrestrial Holdings approached Nssa for financing, purportedly to fund the construction project. While direct commercial lending is not Nssa's core business, the pension fund does finance strategic projects under strict conditions, including bank guarantees and compliance with conditions precedent.

Nssa, which manages a fund valued at about US$1.2 billion, disbursed US$4.5 million into a Stanbic Bank Zimbabwe foreign currency account held by Chigama Architectural Services and Project Management. Investigators allege that Terrestrial Holdings directors, who are CIO officials, knew from the outset that the money would not be used exclusively for construction but would instead be diverted into profit-making ventures for personal gain.

A Zacc investigation report states that Chigama Architectural Services and Project Management did not use the funds to renovate the Avondale government complex. Instead, the money was invested in fixed-term instruments. The firm placed US$2.06 million in a 90-day fixed investment with Alpha Asset Management at an interest rate of 15% per annum, later rolling it over for a further year, raising the maturity value to nearly US$2.4 million. A further US$500 000 was invested with Access Forex for 120 days at an interest rate of 18% per annum.

Investigators established that on 1 April 2025, the same day the US$4.5 million was received from Nssa, Chigama transferred US$2 million to Alpha Asset Management and US$500 000 to Access Forex.

Site inspections conducted on 13 January 2026 revealed that buildings on the stand had been demolished but no construction was taking place. A subsequent search at Stanbic Bank yielded bank statements and KYC documents, while warrants were executed at Alpha Asset Management and Access Forex to obtain investment agreements.

Further inquiries at the Deeds Office revealed that the property remains registered in the name of Aldershot Enterprises (Private) Limited under Deed of Transfer Number 6509/85, raising additional questions about the legitimacy of the transaction.

Zacc is yet to record statements from Nssa general manager Dr Charles Shava, officials from the Office of the President and Cabinet, and representatives of Alpha Asset Management and Access Forex. Investigators are also seeking confirmation from the City of Harare regarding the ownership and status of the Belgravia stand.

The investigation is being led by Zacc officer Tafadzwa Chakavarika as authorities probe what could be one of the most significant corruption cases involving state security-linked business interests and pension funds in recent years.