Current internal wars in Africa are increasingly being driven by the desire to control important sources of revenue, not by revolutionary ideals of redressing real or perceived injustices. It is not accidental that some of the nastiest wars in Africa are being fought in countries richly endowed with natural resources. This paper deals with Angola, a potentially rich country ravaged by war since independence. It suggests that control of important diamond producing areas has given the rebel UNITA group a new lease of life after suffering serious setbacks at both the national and international levels. The paper also highlights the political and military miscalculations committed by the rebels and attributes them to the quick infusion of large sums of money into rebel coffers.