Michael Prest’s BONI Triumphs Over Bank of Zambia in Investrust Dispute Central bank’s bid to block judicial review dismissed Court upholds investor’s rights, rejects central bank’s twin applications Lawyer, Robert Amsterdam, warns case could trigger $40m damages, shake Zambia’s market credibility
Wale Igbintade
In a landmark courtroom victory,
Bank of Nevis International Limited (BONI), the Nigerianowned financial powerhouse
led by Chief Executive Officer Michael J. Prest, a seasoned strategic investor, emerged
triumphant after the High Court of Zambia decisively dismissed two procedural applications filed
by Bank of Zambia (BoZ) in the high-stakes dispute over the liquidation of Investrust Bank Plc.
The twin rulings, delivered Continued on page 8
Monday, Monday, February January23, 6, 2026 2025 Vol Vol29. 31.No No10865. 11278. Price: N400
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NSIA, Japan Agency Sign $50m Impact Innovation Fund to Empower Startups... Page 53
Senate Leader: CSOs, AGF, INEC Shaped Electoral Act Before Tinubu’s ‘Swift’ Assent Says two-year consultations justifies 24-hour presidential approval Insists new law reflects collective input, not unilateral action by parliament
Sunday Aborisade and Onyebuchi Ezigbo in Abuja
Leader of the Senate, Opeyemi
Bamidele, has defended the “swift” presidential assent
to the Electoral Act, 2026, declaring that the new law is
the product of two years of extensive consultation with
critical stakeholders. Continued on page 8
Ahead of 2027: APC Wins 5 Out of 6 FCT Area Councils, ADC Mum
Tinubu: Successful conduct of polls in nation’s capital, Rivers, Kano has strengthened our democratic culture, institutions See story on page 8 Yilwatda: Our victories are clear testament to our grassroots strength Outcome has exposed emergency democrats, declares Wike Southern Govs, Lagos hail president, party PDP wants INEC to release results of two wards in Kuje, congratulates successful candidates
APC LEADERS CELEBRATING FCT LGA WIN...
APC National Secretary, Mr. Surajudeen Ajibola Basiru; APC National Chairman, Mr. Nentawe Goshwe Yilwatda; Governor of Kwara State and Chairman, FCT Area Council Election, His Excellency, Mr. AbdulRahman AbdulRazaq; Governor of Ogun State, His Excellency, Mr. Dapo Abiodun; and Deputy Speaker of the House of Representatives, Mr. Benjamin Kalu, at the APC situation room after the conduct of the Local Government Councils election in Abuja, yesterday