Lagos, Nigeria – Isabel dos Santos, once hailed as Africa’s richest woman, now finds herself at the center of one of the largest international anti-corruption campaigns. The daughter of Angola’s former president, José Eduardo dos Santos, is accused of embezzling billions of dollars in public funds to build an extensive business empire spanning multiple global jurisdictions. Investigators estim
ate her fraudulent activities caused Angola financial losses exceeding $2 billion.
The Numbers Behind the Scandal
Sonangol: In 2017, while serving as chair of Angola’s state oil company, Sonangol, Isabel dos Santos approved the transfer of €52.6 million to a company she owned in Dubai. The funds were allegedly for consultancy services, though evidence suggests these services were never delivered.
Unitel: As a major shareholder in Angola’s largest telecommunications company, Unitel, dos Santos is accused of siphoning off over £300 million ($377 million) into offshore accounts linked to her business interests.
International Investments: Dos Santos expanded her financial reach into Europe, the Middle East, and beyond. In the UK, she acquired luxury properties worth millions of pounds. In Portugal, she held significant stakes in companies like Efacec, Banco BIC, and NOS. These assets, valued at hundreds of millions of euros, are now frozen or under litigation.
Wider Economic Impact: Beyond the direct embezzlement of funds, dos Santos’s actions have been linked to inflated contracts, mismanaged public projects, and unrealised investments. These activities contributed to Angola’s economic stagnation and tarnished its international reputation.
Dos Santos’s schemes relied on a sophisticated network of shell companies registered in tax havens such as Malta, Mauritius, and Panama. These entities facilitated the movement of funds from Angola into international accounts, effectively obscuring their illicit origins.
A notable example involved the creation of phantom consultancy firms contracted by Sonangol and Unitel. These firms served as conduits for multimillion-dollar transfers that ultimately benefited dos Santos directly. Similarly, inflated contracts in sectors such as construction and energy further enabled the misappropriation of public funds.
Her attempt to acquire the Portuguese company Efacec using Unitel funds exemplifies the misuse of corporate resources. The transaction, heavily criticised by stakeholders, did not yield any returns for Angolan shareholders.
Countries Implicated and International Action
Portugal: Dos Santos used Portugal as a gateway for investments in sectors such as banking and telecommunications. Following the “Luanda Leaks” exposé in 2020, Portuguese authorities froze her assets, including bank accounts and shares in major companies.
United Kingdom: In London, she owns high-value properties estimated at over £100 million. In November 2024, the UK government imposed sanctions, including asset freezes and a travel ban, under its global anti-corruption framework.
United Arab Emirates: Dubai served as another refuge for her wealth, with reports of luxury properties and significant bank holdings. International pressure continues to mount on UAE authorities to take action against these assets.
United States: While dos Santos does not hold direct investments in the US, American financial institutions have been instrumental in tracking her transactions. The US is collaborating with other nations to uncover the full extent of her financial dealings.
Since 2020, Angola has collaborated with international partners to recover misappropriated assets linked to dos Santos. To date, approximately $1.1 billion worth of assets—including properties, bank accounts, and corporate shares—have been reclaimed.
In September 2024, the High Court in London upheld the freezing of £580 million ($778 million) in dos Santos’s assets. These include luxury properties, bank accounts, and significant corporate stakes.
However, significant challenges remain. Analysts note that much of dos Santos’s wealth is hidden within complex offshore structures, making asset recovery a protracted and intricate process.
Dos Santos’s actions have not only drained Angola’s public coffers but also damaged its global standing. Years of systemic corruption during José Eduardo dos Santos’s presidency deterred foreign investors and stunted economic growth.
David Lammy, the UK Foreign Secretary, underscored the importance of the sanctions:
“Isabel dos Santos epitomises the damage corruption can inflict on a nation. These measures send a clear message that the UK will not serve as a haven for illicit wealth.”
The complexity of dos Santos’s financial dealings highlights the systemic weaknesses that allowed such corruption to flourish. For Angola, recovering these stolen assets is crucial to addressing critical needs in infrastructure, healthcare, and education.
This case also serves as a cautionary tale for other resource-rich nations. The unchecked concentration of wealth and power in a political elite can have devastating long-term consequences. Angola’s government has since prioritised reforms to enhance transparency and accountability in public institutions.
The Isabel dos Santos saga is not merely a story of individual corruption but a stark reminder of the broader structural vulnerabilities that enabled it. While significant progress has been made in recovering assets and holding dos Santos accountable, the impact of her actions will be felt in Angola for years to come.
As international investigations continue and legal proceedings unfold, this case remains a pivotal chapter in Angola’s fight against corruption. The outcome will not only shape the country’s future but also serve as a global precedent in the battle for transparency and justice.
