The daughter of Angolan President Jose Eduardo dos Santos has reportedly taken control of the country’s largest bank Banco de Fomento Angola (BFA).
The controlling stake was bought from a Portuguese bank by Angola’s largest phone operator Unitel which is run by Ms dos Santos.
Isabel dos Santos already heads the Southern African nation’s oil firm Sonagol, and is said to be the richest woman on the continent.
Forbes magazine reports that she had nearly 19% of Banco BPI shares, Portugals’s fourth-largest bank.
The American business magazine estimates her current worth to stand at $3.2 billion, largely made from investments.
In Angola’s former colony, Portugal, she owns a nearly 7% chunk of oil and gas firm Galp Energia (alongside Portuguese billionaire Americo Amorim).
After her appointment to head the Angola’s national oil company, some lawyers filed an appeal in the constitutional court.
The Supreme Court last month rejected an application by 12 human rights lawyers to have Isabel removed as the head of Sonangol which handles the oil and gas reserves of Africa’s largest oil exporter.
The lawyers accused President Jose Eduardo dos Santos of nepotism.