Isabel dos Santos, daughter of Angolan President Jose
Eduardo dos Santos has reportedly taken over the
country’s largest bank, Banco de Fomento Angola
(BFA).
Isabel, who heads the country’s oil firm Sonangol, is
reputed to be the wealthiest woman on the continent.
Forbes reports that she had nearly 19% of Banco BPI
shares, Portugals’s fourth-largest bank.
BBC reports that BFA’s controlling stake was bought
from a Portuguese bank by Angola’s largest phone
operator Unitel which is run by Ms dos Santos. As at
today, she is listed as one of two Vice-President of the
bank’s board of directors.
Portuguese bank, BPI, accepted to relinquish its stake in
the bank as a result of pressure from the European
Central bank. According to the ECB, BPI’s exposure to
Angolan government debt was too risky under new
European banking laws.
Forbes pegs her current worth at $3.2 billion largely
made from investments. In Angola’s former colony,
Portugal, she owns a nearly 7% chunk of oil and gas
firm Galp Energia (alongside Portuguese billionaire
Americo Amorim).
‘‘She is also a controlling shareholder of Portuguese
cable TV and telecom firm Nos SGPS (formerly called
Zon). In June 2015, media reported that she spent
slightly more than $200 million to buy a stake in
Portuguese electric power equipment firm Efacec Power
Solutions,’‘ Forbes said.
Angolan lawyers have filed an appeal in the
Constitutional Court after the President’s billionaire
daughter was cleared to take office as the head of the
country’s national oil company.
The Supreme Court last month rejected an application
by 12 human rights lawyers to have Isabel dos Santos
removed as the head of Sonangol, which handles the oil
and gas reserves of Africa’s largest oil exporter.
The lawyers, who have accused President Jose Eduardo
dos Santos of nepotism, first filed a case rejecting the
appointment at the Supreme court before it was over
ruled on December 27.
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