The Empress Has no Clothes

Isabel dos Santos is the woman who once boasted to Forbes magazine that she was Africa’s first female billionaire. Although Angolans knew she owed her fortune to nepotism and wholesale theft from the public purse, Isabel wove an image of herself as an astute global entrepreneur. But her reputation began to unravel along with her business empire after her father José Eduardo dos Santos stepped down as President of Angola last year. As President, Dos Santos had funnelled millions of dollars from the state oil company Sonangol to ‘loans’ to bankroll her businesses. Then, before leaving office, he installed Isabel as the head of Sonangol. The effect was catastrophic. The new President marshalled the evidence and ensured his own position was sufficiently secure before acting. First, Isabel was sacked as the head of Sonangol. Then she was removed, step by step, from each of the lucrative contracts or positions awarded […]

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