A Caribbean bank owned by Nigerian businessman and oil trader Michael Prest is taking the Zambian government to court in a $40 million (about N61.4 billion) legal battle that could test investor confidence in one of Africa’s most closely watched emerging markets.
Bank of Nevis International (BONI) has filed for judicial review against the Bank of Zambia, the country’s finance minister and attorney general, claiming regulators unlawfully refused to recognise its 24.8% stake in Investrust Bank before the lender was placed into liquidation in 2024. The case was filed on 22 July, with a hearing expected in 2027.
The dispute goes beyond one failed bank.
At a time when African governments are competing for foreign investment, the case highlights a broader concern among international investors: whether regulatory decisions can undermine legally acquired investments after capital has already been committed.
A multi-million-dollar investment that never gained recognition
