From Africa's Richest Woman to Embattled Figure

Isabel dos Santos, once celebrated as Africa's richest woman, has seen her fortunes dramatically decline in recent years. This shift follows allegations of corruption, legal battles, and asset freezes. Her removal from Forbes' billionaire rankings in January 2021 marked a significant turning point in the saga of the 51-year-old Angolan entrepreneur.

Dos Santos, the eldest daughter of Jose Eduardo dos Santos, Angola's president from 1979 to 2017, amassed her wealth through stakes in various Angolan companies. These included holdings in banking, telecommunications, and the state oil company Sonangol. Her financial prominence was first acknowledged by Forbes in 2013, with the publication tracing her wealth back to deals made during her father's presidency.

Beyond her holdings in Angola, Isabel expanded her business empire to Portugal. She secured significant stakes in companies like the cable TV and broadband firm Nos. By 2020, she was listed as the 13th richest African and ranked 1513 on Forbes' global billionaire list, with her wealth primarily derived from investments.

However, despite her financial success, Isabel's meteoric rise came under intense scrutiny. In January 2020, Angolan authorities charged her with embezzlement and money laundering. Her assets, including those in Portugal, were frozen, dealing a severe blow to her financial standing. The charges, which Dos Santos denies, stemmed from allegations that she exploited her father's political influence for personal gain.

One of the most contentious decisions of her career was her appointment as head of Sonangol, Angola's state oil company, in June 2016. Critics argued that the move epitomised nepotism under her father's regime. This appointment, along with the subsequent allegations of corruption, have tarnished her reputation and led to her downfall from the ranks of Africa's wealthiest individuals.