Africa's richest woman has just lost her job

desmond frimpong

November 15, 2017 2:39 PM

Angolan President Joao Lourenco has fired his predecessor’s daughter, Isabel dos Santos, from her influential post as head of the Sonangol state oil company.

Critics faulted the government for nepotism and corruption after Isabel dos Santos was appointed to head the oil giant last year.

The current president of Angola Lourenco rose to power after contesting on the ticket of the then ruling party in the August elections. He however promised to clean up Angola’s endemic graft and revive its listless economy.

“Under the powers vested in him by the constitution, the president… has decided to relieve the following directors who make up the board of Sonangol,” said the statement, which named former president Jose Eduardo dos Santos’ daughter, Isabel.

44-year-old Isabel is known as “the princess”, and happens to be the face of the Dos Santos business empire.

Although crude price on the market has seen a decline in recent years, it still remains Angola’s leading revenue source, contributing 70 percent of the country’s income.

Isabel dos Santos has been named by the US-based Forbes magazine as iAfrica’s richest woman.

Black gold provides 70 percent of Angola’s revenues and almost all of its hard currency, but many of the country’s citizens are mired in poverty.

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