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IN FOCUS
Cyberattack overshadows Unitel’s successful stock-market debut
The state raised Kz300.3bn from the flotation, but the nationwide disruption revealed the economic risks created by Unitel’s dominant market position.
Unitel made a striking debut on Angola’s stock exchange this week. Its shares rose 24.88% on their first day of trading, even as the company worked to restore mobile services following a cyberattack that disrupted communications and electronic payments across the country.
The state raised Kz300.3bn from the sale of a 15% stake in Angola’s largest telecommunications operator. Demand exceeded the 7.5m shares available, generating 17,549 subscription orders and bringing more than 11,000 new shareholders into the company. Unitel’s share price climbed from the offer price of Kz40,040 to approximately Kz50,000.
Unitel said the attack was detected at 2.20 am on Tuesday and affected mobile voice, data and internet services nationwide. Payment terminals using Unitel SIM cards were disrupted, while some banking customers could not receive the verification messages needed to complete transfers. Services began returning after around 36 hours. By Thursday, Unitel said it had gradually restored them in 15 provinces, although recovery was not yet complete.
The scale of the disruption reflects Unitel’s position in the economy. The company has approximately 20.8m customers, controls around 76% of Angola’s telecommunications market and reported net profits of more than Kz158bn in 2025. Those figures help explain the demand for its shares. They also show how heavily households and businesses depend on its network.
“If Unitel goes down, the country pretty much comes to a standstill,” Cláudio Silva said during this week’s Angola Briefing.
For restaurants and retailers, the outage meant lost payments and interrupted trade. Other businesses struggled to communicate with staff and suppliers. The effects were more severe for customers without fixed internet access or a connection from another provider.
Angola does have competing mobile operators, including Africell and Movicel. Demand for Africell SIM cards reportedly increased during the outage. Their ability to provide an immediate substitute remains limited, however, particularly outside the areas where their networks are strongest. Unitel’s market position has therefore created a concentration risk extending well beyond the company and its shareholders.
The strong first-day share performance is understandable in that context. Investors were buying into a profitable operator with a dominant position in an essential market. The rally demonstrates confidence in Unitel’s capacity to generate returns, but provides little evidence about the resilience of its infrastructure.
Important questions about the incident remain unanswered. Unitel is working with the authorities and international partners to identify the attackers. It has said it is considering whether the timing was intended to disrupt its admission to the stock exchange, although it has presented this as one hypothesis and has not identified those responsible.
Cyberattacks can affect even well-funded telecommunications companies, and the outage does not by itself establish whether Unitel’s ownership structure or market dominance contributed to the breach. Its fixed telecommunications services were not affected, according to the company. A fuller assessment will require evidence about how the attackers gained access, which safeguards failed and whether adequate backup systems were available.
Unitel’s limited public communication during the outage nevertheless added to the uncertainty. Silva noted that long gaps between company statements created room for rumours and conspiracy theories. As a listed company, Unitel will face closer scrutiny over the speed and quality of its disclosures, as well as the investment it makes in network resilience.
The flotation gives the government some encouragement as it prepares further sales under ProPriv. Its wider significance should be treated cautiously. Unitel is unusually profitable and occupies a dominant market position; investor demand for its shares cannot be assumed for state assets with weaker finances, poorer governance or more difficult restructuring needs.
The more consequential test comes after the first-day rally. Unitel must explain the failure and show that its listing brings greater transparency and stronger operational discipline. Future ProPriv transactions will gain credibility only if they improve how strategic companies are governed. A change in minority ownership is too limited a reform on its own.
Also in today’s Angola Briefing:
Unitel shares jump on stock-market debut despite cyberattack (Expansão, O País, Novo Jornal)
Oil production falls short of budget target as offshore incentives advance (Expansão, Ponto de Situação)
Businesses still await support a year after deadly Luanda unrest (Novo Jornal/Lusa, Novo Jornal)
Unitel shares jump on stock market debut despite cyberattack
Sources: Lusa, Lusa, O País, Economia & Mercado, Expansão, Novo Jornal
The state’s sale of a 15% stake in Unitel got off to a strong start, with the shares rising 24.88% on their debut on the Bolsa de Dívida e Valores de Angola (BODIVA). The flotation is the first major transaction under the government’s ProPriv programme and is intended to broaden participation in Angola’s capital markets.
Trading was overshadowed by a cyberattack that disrupted Unitel’s mobile and internet services, affecting electronic payments and banking services across the country. The company said it had informed the authorities and was working with international partners to investigate the incident and restore services. The government plans to privatise nine further assets before the end of the year, including stakes in Standard Bank Angola, Endiama, TAAG and Angola Telecom.
The flotation is an important milestone for ProPriv. Unitel is one of Angola’s most recognisable companies, but investors still needed convincing that a large public offering could succeed. This week’s sale suggests there is demand for well-prepared transactions.
The cyberattack should not detract from that achievement, but it does highlight how dependent Angola has become on a small number of critical digital systems. As further strategic assets come to market, investors are likely to pay as much attention to the resilience of the wider operating environment as to the companies themselves.
Oil production falls short of budget target as offshore incentives advance
Sources: Expansão, Ponto de Situação
Oil production remained below the level assumed in the 2026 State Budget during the first half of the year, reinforcing concerns over declining output from Angola’s mature oilfields. At the same time, the government has proposed a package of fiscal incentives for offshore Blocks 34 and 35, including lower taxes, improved production-sharing terms and accelerated depreciation, in an effort to attract fresh upstream investment.
The proposed measures are intended to improve project economics and encourage exploration and development as Angola seeks to stabilise medium-term oil production.
The government has little choice but to make Angola’s offshore sector more competitive. Production from mature fields continues to decline, while international oil companies have become increasingly selective about where they invest.
The awkward reality is that Angola’s plans to diversify the economy still depend on an oil industry capable of generating the revenues to finance that transition. Lower production therefore makes attracting new upstream investment more—not less—important.
Businesses still await support a year after deadly Luanda unrest
Sources: Novo Jornal/Lusa, Novo Jornal
One year after the July 2025 taxi strike and riots, business owners affected by the unrest say they are still waiting for the support promised by the government. Novo Jornal reports that one hotel owner has yet to rebuild after his property was destroyed, despite the announcement of a Kz50bn financing programme for affected businesses.
Taxi association leaders also say the grievances that triggered last year’s protests remain unresolved, insisting they will continue campaigning over fuel prices and working conditions despite the arrests that followed the unrest. Official figures put the death toll at 30, with 277 people injured and 1,515 arrests.
The anniversary is a reminder that the political consequences of last year’s unrest have not disappeared. Rising living costs, youth unemployment and frustration with public services continue to shape public opinion, even if the protests themselves have subsided.
Economic reforms are ultimately judged by whether they improve everyday life. That remains the government’s biggest political challenge as the 2027 elections draw closer.
Other Headlines
Public debt returns to pre-pandemic levels (Expansão)
Angola’s public debt rose 16% year on year to $72.1bn in the first half of 2026, driven by Eurobond issues and increased domestic borrowing.
Government strengthens ANIESA’s inspection powers (Economia & Mercado)
Proposed reforms would abolish INADEC, transfer its functions to ANIESA and remove the SIC’s economic-inspection responsibilities.
Kwanza joins SADC payments system (BNA)
The kwanza has become the second settlement currency in SADC-RTGS, allowing eligible regional payments to be settled directly in the Angolan currency.
Studies launched for West–East highway (Ministry of Public Works)
Angola will invest around $21m in studies for the proposed 1,300km highway connecting Benguela with Bié and the Moxico provinces.
