Access Forex (Private) Limited has been pulled into a major corruption investigation after the Zimbabwe Anti-Corruption Commission (Zacc) uncovered evidence that millions of dollars meant for a government construction project were diverted into high-interest investment deals, documents show.
The probe centres on Terrestrial Holdings (Private) Limited, the investment arm of the Central Intelligence Organisation (CIO), which is accused of abusing its influence to secure a US$6.78 million loan from the National Social Security Authority (Nssa).
Part of the funds, investigators allege, were channelled to Access Forex on the same day they were disbursed, despite being earmarked for the construction of a three-storey government building in Avondale, Harare.
According to Zacc investigators, Nssa initially disbursed US$4.5 million through Stanbic Bank Zimbabwe into an account held by Chigama Architectural Services and Project Management (Private) Limited, the firm contracted to manage the project.
However, bank records show that on 1 April 2025, Chigama transferred US$500 000 to Access Forex for a 120-day fixed investment at an interest rate of 18% per annum.
Access Forex, led by Raymond Singathini Chigogwana, is one of two financial entities flagged in the investigation for allegedly receiving funds diverted from the Nssa loan.
The other is Alpha Asset Management, which received US$2 million on the same day and later a total of US$2.06 million under a fixed investment arrangement.
Zacc alleges that the investments had nothing to do with the intended construction project and instead point to a deliberate scheme to profit from public pension funds. Investigators say directors of Terrestrial Holdings—who are also CIO officials—knew from the outset that the money would be diverted into short-term, high-yield instruments for self-enrichment.
Search and seizure operations were conducted between November last year and January 2026 at Access Forex offices, Alpha Asset Management, Stanbic Bank, Nssa, Chigama Architectural Services and Terrestrial Holdings.
Zacc seized investment agreements, bank statements and other financial records, including documentation detailing Access Forex’s fixed-term deal with Chigama.
A site inspection carried out on 13 January 2026 at the Avondale stand revealed that while existing structures had been demolished, no construction was underway.
Further checks at the Deeds Office showed the property is still registered in the name of Aldershot Enterprises (Private) Limited, raising additional concerns over the legitimacy of the transaction that underpinned the Nssa loan.
Terrestrial Holdings had been awarded a US$6.8 million government contract in 2024 to renovate and construct the building at Stand Number 8, Natal Road, Belgravia, a property belonging to the Office of the President and Cabinet, which oversees the CIO. The CIO itself is headed by Director-General Fulton Mangwanya, who took over from Isaac Moyo in January last year, though the transaction trail dates back to 2021.
Zacc has yet to record statements from Nssa general manager Dr Charles Shava, officials from the Office of the President and Cabinet, or representatives of Access Forex and Alpha Asset Management.
Investigators are also awaiting confirmation from the City of Harare regarding the ownership and status of the Belgravia property.
The investigation, led by Zacc officer Tafadzwa Chakavarika, is shaping up as one of the most significant corruption cases in recent years, implicating state security-linked business interests, private financial firms and billions of dollars in public pension funds.
