Chivayo seeks US$20 million monthly withdrawal limit from Zimbabwean bank
HARARE – Controversial Zimbabwean tenderpreneur Wicknell Chivayo has requested Ecobank to increase the maximum monthly cash withdrawal limit on his company’s account to US$20 million.
According to a letter dated December 5, 2024, Chivayo cites a recent contract secured by his company, IMC Technologies Incorporated, with the government through the Ministry of Information Communications and Technology, valued at US$100 million.
Chivayo claims that the contract, which involves the supply and delivery of software, hardware, and other consumables, requires consistent access to foreign currency for various transactional needs, including cash payments for local obligations.
“This request is made considering a recent contract secured by IMC Technologies Incorporated with the government through the Ministry of ICT for the supply and delivery of critical software, hardware, and other consumables valued at US$100 million.
“This equipment will be imported from China, Dubai, India, and Europe, necessitating the requirements for access to considerable amounts of foreign currency, a major priority,” Chivayo said in the letter directed to Ecobank.
“To successfully fulfil this contract, IMC Technologies Incorporated requires consistent access to foreign currency for a range of transactional needs, many of which require cash payments particularly for local obligations such as transportation, clearing agents, customs, and other recurrent expenses.
“Accordingly, we kindly request that the maximum monthly cash withdrawal limit on the account be raised to US$20 million permanently to ensure sufficient cash flow in support of this project which is of significant national importance.”
In another letter, Chivayo, has again made another request to the same bank to increase the maximum monthly cash withdrawal limit on one of his companies, Edenbreeze Pvt Ltd’s accounts to US$20 million.
This time, he claims to have secured government contracts valued at US$120 million, requiring access to large amounts of foreign currency for imports and local expenses.
This development has raised eyebrows, given Chivayo’s controversial business dealings and his history as an ex-convict.
Critics have questioned the government’s decision to award such a lucrative contract to Chivayo’s company, despite his checkered past.
Former Mt Pleasant MP Fadzayi Mahere questioned the ICT Minister Tatenda Mavetera:
“Please may you give us the details of the US$100 million contract you awarded to @wicknellchivayo. On what basis was his company chosen to supply consumables?
“Kindly provide details of the exact nature of the hardware and software he has been contracted to supply?
“Did this contract go to tender as required by law? Or was he handpicked? Can you please furnish us with the public tender advertisement in respect of these agreements if one exists?
“Thank you in advance for your engagement on the above in light of the constitutional imperative of transparency in all matters of public finance management.
“We need new leaders.”
The request for a US$20 million monthly withdrawal limit has also sparked concerns about the potential for money laundering and other financial irregularities.
UK based Development Economist Chenayi Mutambasere asked the Zimbabwe Anti-Corruption Commission (ZACC) and other anti-corruption bodies around the world to investigate Chivayo and his companies.
“Dear @anticorruption, @iccwbo, @ICCFraudNet, @Global_Witness, please can you investigate this individual @wicknellchivayo who is undertaking nefarious financially activity.
“The letter below is him asking to withdraw US$20m as cash every month from a bank in Zimbabwe without question or scrutiny. @wicknellchivayo has just requested the bank to allow him to withdraw US$20m as and when he likes without further scrutiny.
“He has mentioned Dubai, China, India and Europe as the counties he will transact in cash in yet these countries have caps on cash transactions.
“Interestingly Zimbabwe according to its national budget has only US$540 its reserves which means this one banking customer has deposits equalling half the country’s reserves yet it is not clear what business he does.
“The other interesting point is according to the 2025 budget the ICT ministry only has US$25m allocated. Where has the minister @TateMavetera sourced the alleged US$100m highlighted in this letter? Or is she part of the money laundering ring pls help us investigate.
“Globally the spending cap outside of AML scrutiny is US$10,000 so this warrants investigation. Thank you”
Ecobank has not publicly commented on Chivayo’s request.
Chivayo is currently receiving millions of dollars from the Zimbabwean government for a contentious US$40 million tender he secured a few years ago to supply election materials to the Zimbabwe Electoral Commission (ZEC) for the 2023 harmonised general election.
