Isabel dos Santos: Once Africa’s Richest Woman Faces Corruption Allegations

Once celebrated as Africa’s first female billionaire, Isabel dos Santos now faces international corruption investigations and sanctions, with the UK government recently labeling her a “notorious kleptocrat.” Dos Santos has publicly dismissed the allegations, describing the UK sanctions imposed in November as politically motivated actions orchestrated by Angola’s government against her family.

The 51-year-old daughter of Angola’s former president, Jose Eduardo dos Santos, has been the subject of asset freezes, corruption allegations, and ongoing legal actions in multiple countries. UK Foreign Secretary David Lammy stated that the sanctions were part of a broader initiative to combat “dirty money.” Dos Santos, however, claims she has never been found guilty of corruption in any court.

Rise and Fall of a Business Empire

During her father’s presidency, dos Santos became a prominent figure in Angola’s business sector. In 2013, she was declared Africa’s first female billionaire by Forbes, and by 2016, she was appointed chair of Angola’s state oil company, Sonangol. However, her tenure ended abruptly in 2017 when the newly elected President, Joao Lourenco, dismissed her amid allegations of financial mismanagement.

The release of the Luanda Leaks in 2020 further intensified scrutiny. The leaks, comprising 700,000 documents, revealed how dos Santos allegedly built her wealth by diverting public funds into offshore accounts. Portuguese hacker Rui Pinto later admitted to being the source of the leaks, having provided a hard drive containing evidence of the dos Santos family’s alleged corruption. The documents exposed a network of 400 companies and subsidiaries spanning Angola, Portugal, and offshore jurisdictions.

Global Legal Challenges

Dos Santos’s financial dealings have drawn the attention of authorities in Angola, Portugal, the UK, and the US. Angola’s prosecutors accused her of embezzling state funds, mismanaging resources, and laundering money during her tenure at Sonangol. In 2020, Angola froze over $1 billion worth of her assets, while Portugal followed suit, freezing $550 million. Combined, the asset freezes across the two countries exceed $1.5 billion.

The UK also acted decisively. In 2023, the High Court froze $736 million of her assets linked to debts owed by Unitel, Angola’s leading telecom company, which she co-founded. Additionally, Unitel accused her of diverting loans to a Dutch company she controlled. The UK’s Global Anti-Corruption Sanctions Regulations have since imposed travel bans and asset freezes on her holdings.

In the US, sanctions under anti-corruption laws have barred dos Santos from entering the country. Meanwhile, Portugal has investigated her investments in major firms like Banco BIC and Efacec Power Solutions over allegations of ties to embezzled Angolan state funds.

Personal and Financial Legacy

Born in 1973 in Baku, Azerbaijan, dos Santos was educated in the UK while Angola endured a brutal 27-year civil war. She later graduated in electrical engineering from King’s College London before establishing her business empire. Significant assets tied to her include a 25% stake in Unitel through her Vidatel holding company, shares in Angolan and Portuguese firms, and interests in sectors ranging from telecoms to energy.

Now based in Dubai, dos Santos maintains an active social media presence but faces restricted movement due to an Interpol red notice issued at Angola’s request. Authorities in Angola continue to charge her with crimes, including defrauding the country of $219 million during her tenure at Sonangol.

Political Fallout and the Lourenco Campaign

President Lourenco, once considered a loyalist to the dos Santos family, has pursued a strong anti-corruption agenda since taking office in 2017. This campaign has dismantled much of the dos Santos family’s influence in Angola, which Isabel dos Santos claims is part of a politically motivated effort to erase their legacy.

The Luanda Leaks and subsequent investigations have painted a controversial picture of dos Santos’s rise and fall. While no convictions have been secured, the legal actions, asset freezes, and international scrutiny have significantly constrained her business operations and tarnished her reputation as a trailblazing entrepreneur.

Have you read?
Highest-Paid Athletes in the World.
Largest stock exchanges in the world by market capitalization.
Countries with the largest air forces in the world.
Best European destinations to travel to as a student.
Largest Cities in Africa.