Angola to sell Unitel stakes years after gaining control from Africa’s first female billionaire

Angola’s government, under president João Lourenço, is pushing ahead with plans to privatise state assets as part of sweeping economic reforms.

At the centre is the sale of stakes in Unitel SA, the country’s largest telecommunications company.

The decision follows nearly three years of state control after Unitel was seized from Africa’s first female billionaire, Isabel dos Santos.

In addition to Unitel, Angola aims to divest stakes in two major banks to draw in investors and diversify its economy beyond oil.

Minister of state for economic coordination José de Lima Massano highlighted this strategy during an interview at the World Economic Forum in Davos.

“In the coming months, we are privatising our telecommunications company Unitel,” Massano said, adding that part of the process will involve listing shares on the stock exchange.

The banks slated for privatisation include the Angolan unit of Standard Bank Group and Banco de Fomento Angola, the country’s second-largest lender.

These transactions are part of a broader programme that has seen more than half of nearly 200 state-owned enterprises sold since 2019. The stock market will play a central role in the process, signaling the government’s commitment to making Angola a more attractive destination for foreign investment.

Through its privatisation drive, Angola’s government hopes to revamp its economy, attract investment, and lessen its dependence on oil revenues. The sale of Unitel and other state assets highlights a decisive effort to create new opportunities for economic growth while addressing past governance issues.

The government has already begun selling shares in ENSA-Seguros de Angola SA, the country’s largest insurer. It has also reaffirmed plans to sell a 30% stake in state oil company Sonangol, once its restructuring is complete.

Unitel seized in anti-corruption push

Dos Santos, once celebrated as Africa’s richest woman, has faced a series of legal and financial challenges stemming from allegations of corruption.

In 2021, her assets in Angola, Portugal and The Netherlands were seized, and she was removed from Forbes’ billionaire rankings. More recently, a United Kingdom court froze £580 million (about N$13 535 229 811) of her assets, citing defaults on loans linked to Unitel.

In November 2022, the government seized a 50% stake in Unitel from Dos Santos and her late father’s associate, Leopoldino Fragoso do Nascimento, effectively bringing the company under state control.

This move was part of Angola’s broader anti-corruption campaign, which has sparked both international praise for promoting accountability and criticism for allegedly targeting political rivals while overlooking internal corruption.

A pivotal UK court of appeal ruling in November 2024 added another layer to Dos Santos’ legal battles.

The court upheld the traditional standard for freezing orders in disputes involving Unitel’s stake, rejecting a stricter standard proposed in her challenge. – Billionaires Africa