Angola’s largest telecommunications operator, Unitel, has launched a roadshow for the sale of a 15% stake through an initial public offering, marking a major milestone in the government’s drive to privatise state-owned assets and deepen the country’s capital markets.
The IPO, which will be listed on the Angola Debt and Securities Exchange (BODIVA), is one of the flagship transactions under President João Lourenço’s privatisation programme.
The government hopes the offering will attract both domestic and international investors while broadening public participation in one of the country’s most valuable companies.
The roadshow will market the offer to prospective investors ahead of the public share sale, with pricing expected after the exercise concludes. While authorities have not disclosed the company’s target valuation, the offering is expected to become one of the largest listings in Angola’s history and a key test of investor confidence in the country’s economic reform agenda.
Unitel serves more than 21 million customers and dominates Angola’s mobile telecommunications market. Beyond its telecom operations, the company also holds a controlling stake in Banco de Fomento Angola, one of the country’s largest commercial banks, making the IPO significant not only for the telecommunications sector but also for the broader financial system.
The listing represents another chapter in the transformation of Unitel’s ownership. The company was previously part-owned by Isabel dos Santos, daughter of former President José Eduardo dos Santos. In 2022, the Angolan government seized her 25% stake as part of President João Lourenço’s anti-corruption campaign, bringing the telecom operator under full state control. Dos Santos has consistently denied wrongdoing and maintains that the actions against her are politically motivated.
Officials view the Unitel flotation as central to efforts to reduce the state’s role in the economy while encouraging greater private sector participation. Angola has gradually opened its economy to private investment in recent years, completing several listings since launching its privatisation programme, although its capital market remains relatively small by regional standards.
A portion of the shares has been reserved for Unitel employees, while the remainder will be offered to institutional and retail investors. The government hopes the transaction will broaden share ownership among Angolans and improve liquidity on the local stock exchange.
For Angola, the success of the Unitel IPO will extend beyond the telecommunications industry. A strong investor response would bolster confidence in the country’s privatisation programme, reinforce efforts to diversify the economy away from oil and demonstrate growing maturity in its financial markets at a time when governments across Africa are seeking new sources of private capital.
Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
Adesua Etomi-Wellington (Nigeria)
Most Famous Movie: The Wedding Party (2016)
Short Bio: Adesua Etomi-Wellington is a prominent Nigerian actress. She has gained significant recognition in Nollywood for her captivating performances and has starred in numerous successful films. The Wedding Party, a highly successful romantic comedy, cemented her status as a leading actress in the Nigerian film industry.
Fela Kuti (Nigeria)
Most Famous Song: “Zombie”
Short Bio: Fela Aníkúlápó Kútì (1938-1997) was a Nigerian musician, multi-instrumentalist, composer, pioneer of the Afrobeat music genre, human rights activist, and political maverick. He was a vocal critic of the Nigerian government and used his music as a powerful tool for social and political commentary. His blend of traditional Nigerian music, jazz, funk, and highlife created a unique and influential sound.
Bones
The last thing I want to do to you is to hurt you, but it is still an option
metal aphrodite
Now Now – immediately / soon. A confusing phrase for non-locals meaning sometime soon – sooner than just now but quicker than right now.Example: “We’re going to the beach now now!” (But first we have to pack our swimming gear, stop at gas station and maybe get some snacks…).