Wire · regulatory
Nigerian tycoon Michael J. Prest sues Zambia's central bank for $40 million over Investrust collapse
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Fusion42 · 29 July 2026 · Fusion42 review
The Bank of Nevis International, owned by Nigerian tycoon Michael J. Prest, is suing the Bank of Zambia for $40 million. The claim alleges the central bank unlawfully refused to register BONI's major shareholding in Investrust Bank, which was subsequently placed into liquidation, rendering the stake worthless.
This Wire brief sits within Fusion42's coverage of Fintech.
◆ ◆ The Wire takeaway
Investing in African fintech means dealing with regulators who can render your shares worthless through inaction. If you're building a regulated business in markets like Zambia, your risk model must account for the central bank becoming a direct threat to your assets.
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1 source · 29 Jul 2026
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