Newslex Point News in Uganda, Uganda news
Angolan President Jose Eduardo dos Santos has appointed his daughter as the new head of Sonagol, the state-owned oil firm, [2]according to a government statement published late Thursday.[5]
Check also: Meet The Second Richest Man In Africa After Dangote
Isabel takes on the job as the chairwoman of a new board of directors for Sonangol after her father fired the entire board in April this year.[1]
In a statement on Friday,[4] dos Santos promised that the new Sonangol board “will work to decrease production costs and optimize resources in order to increase the international competitiveness of the Angolan oil sector”.[6]
Angola has recently become Africa’s largest oil producer after attacks on oil installations and facilities in Nigeria by Niger Delta militants reduced the country’s oil production output.[8]
Isabel dos Santos, 43, is the richest woman in Africa with a fortune FORBES estimates at $3.3 billion – a fortune she has amassed primarily by acquiring significant stakes in Angolan companies in banking,[2] cement, diamonds and telecom mostly by taking a chunk of companies that want to do business in the country, using her father’s influence.[10]
Previously, a spokesperson for Isabel dos Santos denied any nepotism. Instead, [9]a statement from the her spokesperson said:
Mrs. Isabel dos Santos is an independent business woman, and a private investor representing solely her own interests.
Her investments in Angolan and/or in Portuguese companies are transparent and have been conducted through arms-length transactions involving external entities such as reputed banks and law firms.”[12]
She already owns large stakes in Unitel, Angola’s largest mobile phone network, Portuguese bank Banco BIC and oil and gas firm Galp Energia, among other investments. [3]She is believed to be holding many of these assets in trust for her father, [5]Angolan President Jose Eduardo dos Santos.
Sonangol did not respond to an email requesting for a comment as at the time of filing this report.[1]
Source: FORBES
Check also;
- Uganda’s Richest Man Taken To Court Over $12,000 Debt
- Russia’s 2nd Richest Man, Mikhail To Give All His Wealth To Charity
- More Oil Discovered In Kenya Than thought
Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
