Why Africa’s richest woman got booted by Angolan president
Dismissal points to the waning power of the Dos Santos family, who have dominated Angolan politics and business for decades
On October 6, with the dust still settling on Angola's first change of power in 38 years, new president João Lourenço sat down with international oil companies at the presidential palace in Luanda. The top executives in Angola of Chevron, Total, BP, Eni and Exxon said the oil sector was being devastated by delays in project approvals at Sonangol and a backlog of payments owed by the state oil company, according to four oil industry sources. They warned Lourenço that Angola's production would decline from 2019 unless action was taken to tackle problems at the firm, which was headed by Isabel dos Santos, daughter of his presidential predecessor, the sources said. They declined to be named because the discussions were confidential. Six weeks later, the president fired Dos Santos, Africa's richest woman, who is nicknamed "The Princess" in Angola. The oil companies declined to comment on the meeting. Lourenço and Sonangol did not respond to requests for comment. It was an unusual gatheri...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.