The club was founded as Clube Recreativo Desportivo do Libolo in 1942. While major local rivals Primeiro de Agosto, Petro de Luanda and Interclube have been competing since the mid 1980s, Libolo basketball, much like its football counterpart even though the club has been founded in the 1940s, (the club has been inoperative for many years due to financial reasons) was only been established in 2008 and yet, in a very short time, managed to achieve an outstanding performance in the local and African arena.
In September 2017, all the club's assets and ownership rights were passed on to Sport Libolo e Benfica. The club changed its name accordingly.[2] One year later, in September 2018, the basketball team was dissolved due to financial problems after failing to find new sponsors.[3]
