LUANDA. – 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 percent 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-Presidents 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 about a 7 percent 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 dos Santos of nepotism, first filed a case rejecting the appointment at the Supreme court before it was over ruled on December 27. – Africa News.
Johannesburg - Notwithstanding the EFF leadership’s denialism, the party’s fighter-in-chief Julius Malema is likely to return to his erstwhile political home, the ANC. At a later stage, I will offer ...
LONDON - A British court ruled on Thursday that the government needs parliamentary approval to start the process of leaving the European Union, potentially delaying Prime Minister Theresa May's Brexit plans.
LUSAKA (Reuters) - Zambian President Edgar Lungu narrowly won re-election on Monday, in a vote his main rival Hakainde Hichilema rejected on claims of alleged rigging by the electoral commission.
Kendrick Lamar has hinted that the launch of his fourth studio album is imminent with a cryptic message on social media. If deleting all past posts wasn’t enough to catch his fans’ attention, the good […]
Depeche Mode are back, releasing their 14th studio album which the British synth-pop musicians describe as “bleak”. The Syrian conflict and rise of nationalism in Europe are cited by the band as inspiration for their […]
After a long wait, Drake’s next project, “More Life,” is finally releasing on Saturday. Originally believed to be an Apple Music exclusive, it’s now looking like the playlist will also be available on other streaming […]