Category: Articles

Isabel Spells Danger for Angolan Banks

When the United States warns of the risks of handing control of Angola’s banks to politically exposed people (i.e. President José Eduardo dos Santos, his family members, and the Generals who back him), this is not an idle warning. It’s because the USA know the President is planning to transfer control over the BFA (Banco de Fomento Angola) to his daughter, Isabel, and that once he does so, the Presidential group’s control over almost the entire Angolan banking system will be in place. How so? According to African Business Magazine’s list of Africa’s Top 100 Banks in 2015, the five largest banks in Angola were: Banco Económico (BE – Economic Bank), Banco Angolano de Investimentos (BAI – Angolan Investment Bank), Banco de Poupança e Crédito (The Savings and Credit Bank), Banco de Fomento de Angola (BFA – Development Bank of Angola) and Banco BIC (BIC – The International Credit Bank). […]

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Sonangol “Can’t Even Afford Toilet Paper”

Employees at the Angolan oil giant have flushed out some startling news about Sonangol’s continued decline. Since President José Eduardo dos Santos put his daughter, Isabel (Africa’s first female billionaire), in charge the oil giant’s fortunes “are in the toilet”. At the company’s headquarters, in a custom luxury US $400 million  building, in which over-invoicing reached hallucinatory levels, officials are confronted with a stark reality. Apparently, Angola’s most important enterprise can’t afford to supply its own washrooms. “Every worker has to bring their own toilet paper from home because Sonangol has been unable to pay its suppliers and we have a toilet paper crisis,” one official resignedly told Maka Angola. Staff fear they’ll become the butt of jokes. They say the situation is out of hand. Only the denizens of the 18th, 19th and 20th floors – where Isabel and her coterie of expatriate ‘consultants’ have their dens – are […]

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Angola’s Lawless Lawmen

In Angola there is a well-known Portuguese saying that sums up the disconnect between appearance and reality: “para o Inglês ver” (literally “for the Englishman to see”). How apt. For it appears that the entire state apparatus under President José Eduardo dos Santos’s rule – constitutional guarantees, democratic principles and the rule of law –exist only for appearances’ sake. The latest example of blatant disregard of the law involves none other than Angola’s most senior lawman, the Attorney General of the Republic, General João Maria Moreira de Sousa. Maka Angola has documentary evidence that in 2011 three-star General Moreira de Sousa bought from the state a three-hectare parcel of ‘rural land’ with a prime sea view in Tango, in the municipality of Porto-Amboim in the province of Kwanza-Sul. Given its ‘rural’ designation, the land cost a mere 600,000 kwanzas (US $3,600). Thus, the Attorney General personally executed the transaction in […]

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Incompetence and Corruption Sinks Angola’s Development Bank

Angola’s state-owned banks, businesses and investment funds are all reportedly in trouble: either loss-making or on the brink of bankruptcy. The state oil giant, Sonangol, is floundering amid unpaid debts amounting to hundreds of millions of dollars; the crisis at the Credit and Savings Bank (the BPC, Banco de Poupança e Crédito) has led to a clean sweep of the board; and far from accumulating interest, the Angolan Sovereign Fund is losing hundreds of millions. The common denominator to their misfortunes is – according to the government – the disastrous plunge in oil prices. Not so, say economic analysts in Angolan and beyond. They say the drop in the price of oil simply uncovered factors that would send any business anywhere to the wall. The interruption to the flow of petrodollars made a continued cover-up of endemic corruption and incompetence impossible. All of a sudden their clandestine existence was revealed, […]

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Oil & Money: Sonangol’s Extravagant Conference in London

Some of the most powerful players in the global oil and gas industry will be meeting in London on October 18-19, for the Oil & Money annual conference. Hosted jointly by the New York Times and Energy Intelligence, the conference is described as a “must attend” – a gathering of “over 450 of the most influential senior decision-makers from the industry, along with government ministers and representatives, financiers and bankers, consultants and legal experts.” The conference agenda boasts of hours of “effective network opportunities…in a crowd large enough to be powerful, small enough to be intimate.” Tickets for the conference cost £2,490 (544,000 Kz), not including attendance at the Petroleum Executive of the Year Dinner which will set you back an extra £525 (115,000 Kz). Who are the sponsors of this lavish affair? The list of donors includes big-hitters like Chevron, ExxonMobil and Dow Chemical but also a host of […]

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The Chevron Ultimatum: Sonangol Has One Week to Save Itself

New management at the Angolan National Oil Company Sonangol has engineered a situation which now threatens the very survival of the company. Since June this year, when Angola’s President José Eduardo dos Santos installed his daughter Isabel dos Santos to chair the board, Sonangol has repeatedly failed to honour its promises to pay some US $300 million owed to the US multinational oil giant Chevron. The sum relates to production costs for the lucrative Block 0 in Angola’s offshore oilfields, which is 40 percent owned by Sonangol and 39.2 percent owned by Chevron. Sources in Houston have told Maka Angola that the US company has exhausted all options for finding an amicable solution, with no reciprocity from Isabel dos Santos’s board. The result is that Chevron Angola’s Director-General John Baltz has now given the Sonangol board an ultimatum: they have one week to come up with a payment plan or […]

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Angola’s Rampant Extra-Judicial Killings

More witnesses have come forward to corroborate reports of a wave of extra-judicial killings by elements of the Criminal Investigation Service (SIC) working with the National Police in the suburbs of the Angolan capital, Luanda. Testimony and evidence from multiple sources points to an astonishing level of violence at the hands of either police or SIC agents, including more than 100 extra-judicial shootings in the past five months. Highly-placed sources in the Angolan government suggest that this is the direct result of pressure from the Interior minister for the SIC to crack down on crime in the Viana suburb. Criminal investigators Recently Maka Angola reported the killing of José Loureiro Padrão, known as ‘Zeca’, a 40-year-old motorcycle mechanic who was beaten to death while in SIC custody. A witness to that killing has now come forward to corroborate the family’s complaint and to give further details. “Zeca was wrapped in […]

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Angolan Army Battles Trade in Stolen Guns

The Angolan authorities seem at a loss to know how to react to the discovery that more than seventy AK47 military rifles have gone missing from a security unit stationed at the Petrangol oil refinery. The shortfall was first discovered back in May at the São Pedro da Barra base in the Petrangol zone. A subsequent military investigation determined that the arms had been smuggled out one by one for sale to a private security firm. Yet, instead of facing a court martial, the man held responsible, Lieutenant Colonel Ugando Bravo, known as ‘TC Roger’, has simply been transferred to other duties. The ‘Economic Objective Protection Unit’(known by its Portuguese acronym, UPOE) was set up and stationed at the Petrangol oil refinery in Luanda in the wake of an act of sabotage by South African commandos in November 1981 which resulted in the partial destruction of the refinery. The security […]

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MPLA Gives Opposition a Beating

As Angola prepares for next year’s general election, reports are already emerging of acts of political violence. Representatives of opposition parties attempting to scrutinize the electoral registration process have alleged they were subjected to intimidation and violence in the village of Luremo, in the northeastern province of Lunda Norte. “Village chief Ngana Mussanga, who is an MPLA member, turned up with 20 young men wielding staves. They slapped my face, and then I was grabbed, thrown to the ground where they held me down by my hands and feet while the chief beat me around the head, and the back.” The victim, UNITA member Pedro Muiungulenu Zambicuari, says the incident took place on September 8. The UNITA man had been assigned to check the electoral registration process. “It was barely 8.30 in the morning when the village chief first showed up. He asked my name and where I was from. […]

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Angola: More Extra-Judicial Killings

Officers from Angola’s National Police and Criminal Investigation Service have been accused of executing two unarmed men, in cold blood, in the latest display of what witnesses say is the out-of-control behavior of armed police in and around the Angolan capital, Luanda. A ten-year-old girl was also injured by a gunshot wound received as the officers fired indiscriminately in the middle of a suburban residential neighborhood at 10.30 in the morning on September 6. Suzanete Gomes was playing with friends in her neighbor’s back yard when they saw someone trying to climb over the wall and heard shots. As they turned to run from the yard in fright, Suzanete saw she was bleeding. She had been shot – the bullet striking her in the back and exiting through her abdomen. The child told Maka Angola that a uniformed policeman approached her and asked her if she’d been hit. “I said yes […]

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