Angolan President Jose Eduardo dos Santos confirmed on Friday he will not run in this year’s presidential election, calling an end to 38 years as head of state, but he will retain control of the powerful ruling party.

Dos Santos, aged 74, said in March last year he would not run in elections due in August but opponents remained suspicious given he had reneged on similar pledges during nearly four decades running Angola.

The ruling People’s Movement for the Liberation of Angola (MPLA) approved 62-year-old Defence Minister Joao Lourenco as its presidential candidate at a meeting on Dec. 2, dos Santos said in a televised speech.

Dos Santos, a communist-trained oil engineer and a veteran of the guerrilla war against Portuguese rule, will remain president of the MPLA, retaining sweeping powers that include choosing parliamentary candidates and appointing top posts in the army and police.

His inscrutable public demeanour belies his tight control of Angola, where he has overseen an oil-backed economic boom and the reconstruction of infrastructure devastated by a 27-year civil war that ended in 2002.

Despite its oil wealth, most of Angola’s 22 million people live in poverty and they have become increasingly frustrated in recent years as low crude prices hammered growth in sub-Saharan Africa’s third largest economy.

Critics accuse Dos Santos – Africa’s second longest-ruling leader after Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo – of mismanaging Angola’s oil wealth and making an elite, mainly his family and political allies, vastly rich in a country ranked amongst the world’s most corrupt. Read more on this here.