Month: September 2026

Unitel: Small Investors, Big Losses and the Risk of Capture

By September 24, Unitel shares were trading at 28,000 kwanzas on Angola’s stock exchange, down 30 per cent from the July offering price of 40,040 kwanzas. In less than two months, roughly 300 kwanzas had disappeared from the market value of every 1,000 invested. For a country seeking to persuade its citizens to become shareholders, this is a sobering introduction to the stock market. The 15 per cent stake sold for 300.3bn kwanzas now had a market value of 210bn kwanzas. The consequences extend beyond portfolios. According to Valor Económico, some subscribers sold land and other property to buy shares. Others borrowed from banks, expecting quick returns to cover their repayments. Some are now struggling to service those debts. An unrealised investment loss can become a very real household emergency when creditors demand payment. Vasco Januário, an executive director of Angola’s Capital Markets Commission, has emphasised investors’ inadequate financial literacy. […]

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Angola’s Tax Authority Hires Money-Laundering Suspect to Investigate Tax Crime

Angola’s Tax Authority (AGT) has awarded Portuguese academic Carla Trindade two consultancy contracts worth a combined 551 million kwanzas to help investigate tax offences. Yet documents reviewed by Maka Angola point to irregularities in dealings between her husband’s company and the same authority. She and her husband are also named in a criminal complaint formally lodged with prosecutors alleging money laundering, tax evasion and other offences. Trindade teaches tax law, tax litigation and arbitration at the Portuguese Catholic University’s Lisbon School of Law, where she coordinates the postgraduate programme in tax litigation and a short course on crime and taxation. She also teaches economic and business law at Católica Lisbon School of Business & Economics, and taxation on the master’s programme in business law at the Catholic University of Angola. She is entitled to the presumption of innocence. The central question is why the AGT hired her to help investigate […]

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Angola’s Tax Authority Awards Kz3.15bn Contract to Company That Helped Shape Its Own Tender — Part II

The tender was publicly announced on 15 November 2023. In Pressionante Kianda, however, had only two workers with active registrations at the National Social Security Institute — and had to submit 20 technical profiles. Messages attributed to Bráulio Assis, chair of the tender evaluation committee, appear to show him providing advance information, suggesting responses and giving his “OK” to the company that would go on to win. In Part I of this investigation, Maka Angola reported that Carla Trindade received tender documents before the announcement, discussed changes with AGT officials and wrote to the shareholders: “We were the ones who drafted the tender rules.” After the formal launch, that proximity continued as the bid was assembled and assessed. Twenty Profiles and Two Registered Employees The revised tender documents allowed bidders to draw on external resources. Even so, messages from 28 November show Kianda scrambling to assemble the minimum 20 profiles. […]

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Angola’s Tax Authority Awards Kz3.15bn Contract to Company That Helped Shape Its Own Tender — Part I

When Angola’s General Tax Administration (AGT) announced a billion kwanza (US$1.2 million) tender for its communications plan on 15 November 2023, one of the eventual bidders had already seen the tender documents, proposed changes to the requirements and received the final version from the tax authority itself two days before publication. In Pressionante Kianda won. Messages, drafts and successive versions of the documents show that the bidder did more than compete. It helped shape the tender before it was opened to the public. Nearly five months before the notice was published, Carla Marisa Castelo Trindade Martins told the shareholders that “everything is in place for us to win the tender”. The statement appears in her own written account of a meeting with José Vieira Nuno Leiria (main photo), then chairman of AGT’s board. President João Lourenço underscored his confidence in Leiria by swearing him in on 10 September 2026 as […]

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Carrinho and the Concentration of Financial Power in Angola

A statement issued by Banco BPI on September 3, 2026, says the bank has agreed to sell its entire 33.35 percent stake in Banco de Fomento Angola, or BFA, to Congolian Financial, SA, a Lobito-based company that serves as the financial arm of the Carrinho conglomerate. Completion remains subject to several legal and regulatory conditions: no objection from the National Bank of Angola; confirmation from the Capital Markets Commission that Congolian Financial is not required to launch a mandatory takeover bid; and Unitel’s decision not to exercise the pre-emption right established in the shareholders’ agreement. The price includes a fixed €345 million payment on completion, a deferred fixed payment of about €43.5 million, and a variable sum equal to half of BFA’s dividend for 2026. The deferred components are due in May 2027. This is not an ordinary transaction. Its implications for Angola’s banking system could be systemic. That concentration […]

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