Sonangol considers the probability of recovering loans granted to the Force Petroleum Angola and Genius groups, linked respectively to Desid\u00e9rio Costa and Jo\u00e3o de Matos, to be low. In its latest report, the state oil company makes no reference to the new investment involving Amufert.<\/p>\n
Sonangol has once again acknowledged difficulties in recovering loans granted to private groups under the Business Promotion Law, signalling that part of the strategy adopted by the Angolan State over the past two decades continues to generate significant financial impacts on the accounts of the national oil company. In its 2025 annual report and accounts, the company considers the likelihood of recovering financing granted to Force Petroleum Angola and Genius to be low, having fully provisioned the outstanding amounts, totalling nearly 390 billion kwanzas.<\/p>\n
The largest financial exposure concerns Force Petroleum Angola, associated with former Petroleum Minister Desid\u00e9rio Costa. The debt exceeds 205 billion kwanzas, representing a 19.7% increase compared to the previous financial year. In 2024, the company lost its 20% stake in the contractor group responsible for operating the South Block of Cabinda\u2019s Onshore Area, following difficulties in meeting its financial obligations.<\/p>\n
Genius, linked to the late general and businessman Jo\u00e3o de Matos, has liabilities exceeding 184 billion kwanzas. The group operated in sectors such as banking, mining, construction and real estate, and was identified as one of the investors in the Torres do Carmo complex, currently owned by the National Oil, Gas and Biofuels Agency.<\/p>\n
The newly disclosed data has reignited debate over the financing model adopted for years by Sonangol, during a period in which the oil company ceased acting solely as a sector operator and also assumed the role of financier and partner of private business groups.<\/p>\n
Approved in 2003, the Business Promotion Law sought to encourage national entrepreneurship through the support of financially robust state-owned companies. In practice, the legislation opened the door for Sonangol to finance dozens of private initiatives, some linked to politically influential figures.<\/p>\n
In some cases, the oil company recovered the amounts granted. Previous reports mention, for example, the full regularisation of financing granted to entities such as Sonils, Aspenway and Dammer. However, other operations ended up becoming difficult-to-recover assets.<\/p>\n
Among the most frequently cited examples are Lektron Capital S.A. and FCKS. Lektron was associated with financing used to acquire a stake in Banco Econ\u00f3mico, in a context where figures such as Manuel Vicente and Manuel H\u00e9lder Vieira Dias \u201cKopelipa\u201d were reportedly linked as shareholders in the bank.<\/p>\n
In June 2019, Lektron shareholders voluntarily transferred the 31% stake they controlled in Banco Econ\u00f3mico to the State to cover debts associated with public loans. The solution was nevertheless challenged by specialists, who questioned both the actual value of the assets transferred and the fact that authorities failed to take into account dividends distributed by the bank over the years.<\/p>\n
In the case of FCKS, the Attorney General\u2019s Office opted in 2019 for a debt regularisation agreement, justifying the measure as necessary to protect jobs and safeguard the national interest.<\/p>\n
The decision contrasted with the approach adopted in other asset recovery processes, fuelling criticism regarding selective treatment of companies indebted to the State.<\/p>\n
One of the examples frequently mentioned in this debate is Exem Energy, a company linked to businesswoman Isabel dos Santos. The company acquired 40% of Esperaza Holding B.V. from Sonangol for approximately \u20ac77.8 million. Of the total amount, only about \u20ac11.3 million was initially paid, with the remaining value financed through loans granted by the oil company itself.<\/p>\n
In 2017, the attempt to settle the final tranche of the financing in kwanzas triggered a legal dispute between the parties regarding the Esperaza stake. Sonangol returned the payment made in local currency, arguing that repayment should be made in the same currency as the financing, and proceeded with legal action that ultimately ruled in its favour.<\/p>\n
In the 2025 report, the oil company states that, following the court ruling, the 2017 dividend resolution \u201cshould be considered null only for the EXEM component\u201d, adding that the company must return dividends deemed to have been improperly received, amounting to approximately \u20ac44.5 million.<\/p>\n
The document also notes, however, that Sonangol holds a credit in favour of Exem corresponding to the amount initially paid by the company under the acquisition agreement, estimated at around \u20ac11 million. Sonangol says it expects this amount to be deducted from the total sum to be reimbursed.<\/p>\n
Among the dividends received by Sonangol in 2025, several holdings stand out as important revenue sources for the national oil company, with total dividends exceeding 464.8 billion kwanzas, compared to around 402.9 billion kwanzas recorded in the previous financial year.<\/p>\n
The largest contribution once again came from Angola LNG, which distributed more than 314 billion kwanzas to the oil company, above the approximately 273.8 billion kwanzas recorded in 2024.<\/p>\n
Another major contributor was Banco Comercial Portugu\u00eas SA, which distributed more than 91.5 billion kwanzas to Sonangol. The stake in the Portuguese bank has historically been significant within the company\u2019s portfolio and remains one of the assets contributing most to its results.<\/p>\n
In an internal document on Sonangol\u2019s restructuring dated August 2020, the company, which holds approximately 19.9% of the bank\u2019s capital, acknowledged that its entry into BCP in 2007 \u201cwas not a strategic financial decision\u201d, but rather an operation carried out under government guidance during the presidency of Jos\u00e9 Eduardo dos Santos.<\/p>\n
Another significant contribution came from Esperaza Holding B.V., which delivered more than 53.8 billion kwanzas in dividends, nearly doubling the amount recorded the previous year.<\/p>\n
Unitel SA distributed around 5.4 billion kwanzas in dividends, almost tripling the value of the previous financial year and reinforcing its position as one of the most consistent holdings in generating returns.<\/p>\n
On the other hand, PT Ventures SGPS SA, which had still contributed dividends in 2024, recorded no distribution in 2025.<\/p>\n
Overall, the figures show that Sonangol\u2019s portfolio of holdings continues to carry significant weight in its revenue structure, with assets that over the years have alternated between consistent contributions and volatile returns, reflecting the complexity of managing these investments historically.<\/p>\n
Sonangol\u2019s investment portfolio remains extensive, encompassing more than seventy companies between subsidiaries and financial participations.<\/p>\n
During the period under analysis, gross accumulated investment reached approximately 5.29 trillion kwanzas, while net investment stood at around 2.37 trillion kwanzas, reflecting the impact of devaluations, adjustments and partial recoveries over time. Despite the increase in dividends distributed in 2025, the financial reports continue to reveal the weight of a business architecture built over decades, in which Sonangol simultaneously accumulated the roles of oil company, strategic investor and financier of private groups.<\/p>\n
The scale of impairments, difficult-to-recover financing and exposure to holdings with uneven returns continues to fuel debate over the economic and political rationale behind a significant share of these investments.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sonangol considers the probability of recovering loans granted to the Force Petroleum Angola and Genius groups, linked respectively to Desid\u00e9rio Costa and Jo\u00e3o de Matos, to be low. In its latest report, the state oil company makes no reference to […]<\/p>\n","protected":false},"author":3,"featured_media":9562,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[69,78,76],"tags":[],"class_list":["post-9858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-others"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/posts\/9858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/comments?post=9858"}],"version-history":[{"count":2,"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/posts\/9858\/revisions"}],"predecessor-version":[{"id":9860,"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/posts\/9858\/revisions\/9860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/media\/9562"}],"wp:attachment":[{"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/media?parent=9858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/categories?post=9858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.negociosdeangola.com\/en\/wp-json\/wp\/v2\/tags?post=9858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}