Angolan President Jose Eduardo dos Santos has appointed his daughter as the new head of Sonagol, the state-owned oil firm, according to a government statement published late Thursday.
CAP D’ANTIBES, FRANCE – MAY 19: Donors Sindika Dokolo and Isabel dos Santos arrive at amfAR’s 23rd Cinema Against AIDS Gala at Hotel du Cap-Eden-Roc on May 19, 2016 in Cap d’Antibes, France. (Photo by Ian Gavan/Getty Images)
Isabel dos Santos 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.
In a statement on Friday, 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”.
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.
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, cement, diamonds and telecom mostly by taking a chunk of companies that want to do business in the country, using her father’s influence. Previously, a spokesperson for Isabel dos Santos denied any nepotism. Instead, 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.”