The sports category has moved to a new website.

Angolan President axes dos Santos son from $5bn wealth fund months after sacking his daughter

Since coming to power, Lourenço has swiftly wrested control of key areas of the economy from powerful dos Santos allies by removing or sacking them.

President Lourenço removed Jose Filomeno dos Santos as head of the country’s $5 billion sovereign wealth fund, the latest in a series of moves that sidelined dos Santos allies.

He announced on Wednesday that he was replacing the board of the fund, including its head, following an external inquiry into the fund’s performance and governance.

Carlos Alberto Lopes, a former finance minister has been named the new board chairman.

ADVERTISEMENT

Lourenço, who took office in September after dos Santos stepped down after nearly four decades in power, has since coming to power swiftly wrested control of key areas of the economy from powerful dos Santos allies by removing or sacking them.

Last month Lourenço dismissed the former president’s daughter Isabel dos Santos as chairwoman of the state oil company Sonangol, replacing her with Carlos Saturnino, an oil industry veteran.

Lourenço has also appointed allies and former prime ministers Lopo Fortunato Ferreira do Nascimento and José Carlos Marcolino Moco as non-executive directors of Sonangol, further solidifying his power within the company.

Oil accounts for a third of Angola’s gross domestic product and more than 95 percent of its exports, according to the World Bank, making the leadership of Sonangol one of the most important and powerful jobs in the southwest African country.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

10 African countries with the strongest military power in 2024

10 African countries with the strongest military power in 2024

ADVERTISEMENT