As part of plans to reorganize the state-run oil company so it runs more efficiently, the President of Angola, Jose Eduardo dos Santos, has appointed Isabel dos Santos (photo), his daughter, as the chairwoman of Sonangol.This is coming after the whole board of the company were dismissed and replaced with new executives by the President. Paulino Fernando de Carvalho Geronimo has been appointed chief executive officer.

Angola’s economy has been greatly affected by the decline in the prices of crude oil globally, which represents about two-thirds of state income. This has made the government to look for outside help from the International Monetary Fund (IMF), the World Bank and China.

According to the newly appointed Chairwoman, Isabel dos Santos, the reason behind the selection of a new team is to make Sonangol more competitive internationally by cutting costs. The company will look to increase profitability and the dividends it pays to the state.

She added that the board plans to guarantee transparency in the company’s management and apply global corporate-governance standards as well as increase relations with suppliers and other partners, Bloomberg reports.

Anita Fatunji