Angola’s largest telecommunications company, Unitel, was struck by a cyberattack that disrupted mobile, internet and voice services across the country just hours before its shares were due to begin trading in one of Angola’s most closely watched stock market listings.
The state-controlled operator said it detected the attack at approximately 2:20 a.m. local time on Tuesday, triggering widespread disruptions across its technology infrastructure and affecting services for millions of customers nationwide.
Unitel, which serves more than 21 million subscribers in a country of approximately 39 million people, said engineers were working to restore services but did not disclose the nature of the attack or indicate when normal operations would resume.
The incident comes at a critical juncture for both the company and Angola’s capital markets.
On Wednesday, Unitel was scheduled to begin trading on the Angola Debt and Securities Exchange (BODIVA) following a $329 million (300.3 billion kwanzas) initial public offering that attracted demand exceeding available shares by more than 20%, underscoring robust investor appetite despite a challenging global investment climate.
The government sold a 15% stake in Unitel at the top end of its price range, with more than 17,500 investor orders accepted during the offer period. The transaction forms part of President João Lourenço’s privatisation programme, which aims to reduce state ownership of major companies and deepen Angola’s capital markets.
While there is no indication that the cyberattack affected the IPO process or BODIVA’s trading infrastructure, the timing has drawn fresh attention to cybersecurity risks facing companies at major market inflection points.
Cyberattacks targeting telecommunications companies can disrupt not only consumer communications but also banking services, digital payments, enterprise networks and government communications that rely on telecom infrastructure.
For investors, such incidents have become an increasingly important measure of operational resilience, particularly as telecom operators expand digital services, mobile financial platforms and cloud infrastructure across Africa.
The attack also highlights the growing cybersecurity challenges confronting Africa’s rapidly expanding digital economy.
Telecommunications operators are increasingly attractive targets because they underpin internet access, mobile banking, digital commerce and public services. As more African governments privatise strategic assets and encourage digital investment, cyber resilience has become a key consideration in maintaining investor confidence.
For Angola, Unitel’s listing represents more than a corporate milestone.
It is expected to become the first telecommunications company listed on BODIVA, broadening a stock exchange that has traditionally been dominated by financial institutions and supporting the government’s wider effort to attract private capital into the economy.
Unitel did not attribute the attack to any specific group, and Angolan authorities have not announced an investigation or identified any perpetrators.
Source: Business Insider Africa / Original article: https://africa.businessinsider.com/local/markets/cyberattack-hits-angolas-biggest-telecom-hours-before-landmark-dollar329-million/ywd3hz1
