Angola To Sell Stakes In Unitel, Years After Gaining Control From Africa's First Female Billionaire
- Angolas government plans to privatize Unitel SA, banks, and insurers to diversify its economy and attract foreign investment.
- The sale of state assets, including Unitel, aligns with Angolas economic reforms to reduce reliance on oil revenues.
- Isabel dos Santos' assets, including Unitel's stake, were seized amid an anti-corruption campaign targeting political rivals.
Angolas government, under President Joo Loureno, is pushing ahead with plans to privatize state assets as part of sweeping economic reforms. At the center is the sale of stakes in Unitel SA, the countrys largest telecommunications company. The decision follows nearly three years of state control after Unitel was seized from Africas 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 Jos de Lima Massano highlighted this strategy during an interview at the World Economic Forum in Davos. In the coming months, we are privatizing our telecommunications company, Unitel, Massano said, adding that part of the process will involve listing shares on the stock exchange.
Banks, insurer slated for privatizationThe banks slated for privatization include the Angolan unit of Standard Bank Group. and Banco de Fomento Angola, the countrys second-largest lender. These transactions are part of a broader program 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 governments commitment to making Angola a more attractive destination for foreign investment.
Through its privatization drive, Angolas government hopes to modernize 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 countrys largest insurer. It has also reaffirmed plans to sell a 30 percent stake in the state oil company, Sonangol, once its restructuring is complete.