Angolan food magnate Nelson Carrinho to buy BFA stake

Angolan food and agriculture magnate Nelson Carrinho has agreed, through his group’s financial arm, to buy Banco BPI’s entire 33.35 percent stake in Banco de Fomento Angola for $452 million (€388.5 million), a deal that would end a 30-year Portuguese presence in one of the country’s biggest lenders.

Congolian Financial, the Lobito-based vehicle whose beneficial owners are Carrinho and his brother Rui Alves Candundo Carrinho, will acquire 5,002,500 shares under an agreement Banco BPI announced on Sept. 3. Nelson Carrinho is president of Grupo Carrinho and Rui Carrinho its vice-president.

The transaction has not completed. It requires no objection from the National Bank of Angola, confirmation from the Capital Market Commission that Congolian Financial need not launch a mandatory takeover offer, and a decision by Unitel, BFA’s largest shareholder, not to exercise its pre-emption right under the shareholders’ agreement.

The price has three parts

Congolian Financial will pay $401 million (€345 million) on completion and a further $51 million (€43.5 million) in May 2027. A third, variable payment equal to half of BFA’s 2026 dividend attributable to the shares is also due in May 2027. The $452 million figure covers only the two fixed components.

Banco BPI carried the holding at $441 million (€379 million) at end-June and expects the fixed payments to add about $10 million (€9 million) to shareholders’ equity.

A long exit

BPI, a subsidiary of Spain’s CaixaBank, once held 48.1 percent of BFA against Unitel’s 51.9 percent. It has sought a route out since 2017 under European Central Bank pressure to cut its Angolan exposure. A 2023 sale attempt was suspended as kwanza depreciation complicated valuation. When BFA listed on the BODIVA exchange in 2025, BPI sold 14.75 percent and Unitel reduced its holding by 15 percentage points, leaving Unitel with about 36.9 percent.

Questions about concentration

Grupo Carrinho built its business in flour, pasta, rice and cooking oil, and moved into finance with the 2021 acquisition of Banco de Comércio e Indústria. It has pursued control of Banco Keve.

Congolian Financial acquired 7.61 percent of BFA around the 2025 listing, then transferred that holding to the AXIOS fund, leaving the shareholder register while retaining economic exposure through fund units. AXIOS subsequently held about 9.85 percent. Negócios de Angola reported in June, citing sources close to the group, that the restructuring was intended to avoid a concentration scenario given Carrinho’s existing banking, insurance and brokerage positions.

Maka Angola, which has reported on what it describes as an emerging banking oligopoly, says its earlier coverage drew attacks, threats and denials. It has also noted that no public information is available on Carrinho’s performance at Banco Keve.