NO MAGIC – ANGOLA’S BANKING SYSTEM IS JUST SMOKE AND MIRRORS

What happened to the US $2 billion injection of funds from Angola’s central bank (BNA) in 2014 that was supposed to refinance the Banco Económico (BE) as it emerged from the ashes of the failed Banco Espírito Santos (BESA)? Surely José de Lima Massano must have some idea? He was Governor of the Banco Nacional de Angola (BNA) then and is again now. Did he keep track of where the money went? Because the BE is failing again and he seems all too ready to throw good money after bad: ordering majority shareholder Sonangol to inject a further US $1.2 billion of public money into it. So who does this bailout benefit? Mr. Massano is the master magician tasked by President João Lourenço with restoring good governance to the Angolan banking system. Is he not up to the job? Or is he actively sabotaging it? According to Diamantino de Azevedo, […]

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