Background on Terrestrial Holdings and CIO Links
Terrestrial Holdings (Pvt) Ltd is widely reported as the investment arm of Zimbabwe’s Central Intelligence Organisation (CIO), a state spy agency linked to political repression and opacity. It emerged in mid-2024 from investigations revealing a secretive CIO-controlled network in mining, energy, tourism, and agriculture. Affiliated firms like Terrestrial Mining and Whitelime Mining hold large coal concessions near Lake Kariba, raising off-budget funding concerns. Company records in Zimbabwe’s registry are often missing or outdated.
- Rudo Mukamba — Runs Alpha Asset Management (Pvt) Ltd. This company received US$2,060,000 from Chigama on April 1, 2025, for a 90-day investment at 15% interest (later rolled over). The funds were allegedly used for profit-making unrelated to the building project.
- Raymond Singathini Chigogwana — Leads Access Forex (Pvt) Ltd. This firm received US$500,000 from Chigama on the same date for a 120-day investment at 18% interest. Like Alpha, it was facing cash-flow issues and offered high returns, drawing scrutiny for the diversion.
The NSSA Loan and Project Details
ZACC probes a US$6.8 million loan from the National Social Security Authority (NSSA), Zimbabwe’s public pension fund, for constructing a three-storey multi-purpose building at Stand No. 8, Natal Road, Belgravia, Harare (also Stand 3218 Salisbury Township, owned by the Office of the President and Cabinet under CIO). Initially reported in Avondale suburb. About US$4.5 million was disbursed. Allegations claim CIO influence secured the loan, with funds diverted for personal gain instead of construction.
Directors at Terrestrial Holdings and Chigama Architectural Services and Project Management face scrutiny for “simmering greed and calculated criminal intent.”
Timeline of Key Events
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2024 (date unspecified): Terrestrial Holdings awarded US$6.8 million government contract for the OPC/CIO-owned building renovation and construction.
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January 2025: Dr. Fulton Mangwanya becomes CIO Director-General, replacing Isaac Moyo; scandal processes continue.
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April 1, 2025: NSSA disburses US$4.5 million to Chigama’s Stanbic Bank Zimbabwe account. Same day, Chigama transfers US$2,060,000 to Alpha Asset Management (15% interest) and US$500,000 to Access Forex (18% interest) for unrelated investments.
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July 2, 2025: Alpha investment matures at US$2,127,121.67; rolled over to June 26, 2026 (projected US$2,397,576.33).
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August 7, 2025: Access Forex investment matures at US$530,000.
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November 2025 – January 2026: ZACC conducts searches/seizures at Access Forex, Alpha Asset Management, Stanbic Bank, Chigama, NSSA, and Terrestrial Holdings for documents and records.
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November 13, 2025: ZACC requests NSSA payment details for Chigama.
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November 25, 2025: NSSA confirms loan for building project, provides agreements and banking details.
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January 13, 2026: ZACC site visit shows demolition but no construction, confirming diversion.
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January 14, 2026: Harare Magistrates’ Court orders Stanbic Bank statements/KYC for Chigama; warrants for Alpha and Access Forex.
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January 19, 2026: ZACC queries Deeds Office; property still registered to Aldershot Enterprises (Pvt) Ltd.
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January 20, 2026: Stanbic provides statements showing transfers to Alpha and Access Forex.
Current Status
Investigation led by ZACC officer Tafadzwa Chakavarika is ongoing. Pending statements from NSSA General Manager Dr. Charles Shava and OPC figures. No construction progress despite disbursements.
Business
1. Ozow officially launched Crypto Payments in January 2026. The integration allows South African merchants to accept cryptocurrency directly from customers’ digital wallets while receiving settlements in South African Rand (ZAR). Through a partnership with MoneyBadger, Ozow handles the end-to-end transaction flow, ensuring merchants are not exposed to crypto price fluctuations. Even though the customer pays in crypto, the merchant is settled instantly in ZAR.
Africa
1. Bushiri continues to invest in soccer with a rural talent identification bonanza at Dowa district.
2. South AFrica refusing to call back their ambassador to Israel. DIRCO to advise on the matter soon.
3. South AFrica asks parents to sign consent form to vaccinate children for HPV.
4. the appointment of Advocate Andy Mothibi as the National Director of Public Prosecutions (NDPP) is currently being challenged in court. The law firm Barnabas Xulu & Partners Inc. (BXI) filed an urgent application at the Gauteng High Court in Pretoria to declare the appointment unlawful. The firm argues that the appointment process was procedurally unfair. While President Cyril Ramaphosa convened an advisory panel to interview candidates, the panel found no interviewed applicant suitable. Mothibi was subsequently appointed despite not participating in the formal interview process.
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Community
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Notes
