How Africa’s richest woman became ‘unemployed’

shakirudeen taiwo

November 16, 2017 8:26 PM

Isabel was sacked as the head of Sonangol.

The political reformation by President João Lourenço of Angola has thrown Africa’s richest woman, Isabel dos Santos out of job.

Isabel was earlier today, November 16, 2017, sacked as the chief of Sonangol - Angola’s state-run oil firm by the new Angolan President who succeeded her father.

Isabel is the first daughter of former Angolan president José Eduardo dos Santos—who ruled the African country for 38 years before stepping down in August 2017. According to Forbes, she is estimated to worth $3.5 billion, thus making her the wealthiest woman in the continent.

This move as noted is part of plans by President Lourençoá to curtail the power of the dos Santos Dynasty in the Southern African country. Also, some of these reforms is a confirmation of Lourenço’s vow during his campaign to distance himself from the legacy of his predecessor.

Also Read: Isabel dos Santos: What you should know about the only African on Forbes’ 100 most powerful women 2017

Angola is one of Africa’s most oil-rich countries with Nigeria as rival for the status of Africa’s biggest oil producer. Oil export accounts for over 93 percent of the country’s export and a major part of government revenue.

According to Reuters, the presidency did not give a reason for the dismissal of dos Santos but was immediately replaced with Carlos Saturnino.

Despite this unexpected relief, Isabel’s fortune may not be affected due to her huge investments in other major companies in the country and Portugal.

shakirudeen taiwo

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