E&P completes US$100m payment, takes full control of Azumah projects 

By Kizito CUDJOE

Engineers and Planners (E&P) has completed a US$100million payment to acquire full ownership of Azumah Resources Ghana Limited, marking the end of a complex takeover that transfers control of the Black Volta and Sankofa gold projects to the wholly Ghanaian-owned company.

The final payments, executed through the ECOWAS Bank for Investment and Development (EBID) in Lomé on October 6 and 7, bring closure to months of negotiations and legal disputes surrounding the acquisition.

Two international SWIFT transfers totalling US$100million were made as part of the transaction. The first payment of US$91.92million was made to IGIC PTE Ltd. in Singapore, while a second transfer of US$8.07million went to CANGOL PTE Ltd. in London. Both remittances carried the reference ‘Full Payment – Black Volta Gold Acquisition // Engineers and Planners’.

At a media briefing in Accra, Director-Azumah Resources Ghana Limited Noel Nii Addo confirmed that the payment covered both equity and loan components of the acquisition, thereby granting E&P complete ownership.

“With E&P taking over the shares and completing payment for acquiring the loans, the process is now fully consummated,” Mr. Addo said.

The acquisition follows months of legal and administrative filings with Ghana’s Registrar-General’s Department. Records show that E&P became the sole shareholder of Azumah Resources Ghana and its subsidiary Upwest Resources Ghana Ltd. as of September 3, 2025, following the allotment of 93.4 million shares in Azumah Ghana and 3 million in Upwest.

The transaction marks a turning point in Ghana’s mining sector. For the first time, a wholly Ghanaian-owned company has financed and completed the buyout of a multinational gold concession – moving from mining services to ownership.

Industry observers say the deal could signal a new phase of local participation in Ghana’s resource sector, where foreign ownership has long dominated high-value assets. However, they note that with full control comes greater responsibility for transparency, efficiency and environmental stewardship.

The transaction also brings to an end a months-long dispute between E&P and former foreign stakeholders of Azumah Resources. The dispute, which played out in the media and online platforms, featured competing claims about ownership and alleged breaches of contract.

Critics, including some international lobbyists and civil-society groups, had questioned the legitimacy of E&P’s control after the initial filings were made. However, corporate records and verified payment documents now confirm E&P as sole owner of the Azumah Ghana assets.

Following receipt of the final payments, all foreign directors of Azumah Resources Ghana Ltd. have tendered their resignations… formally exiting the company. Officials say this clears the way for a new Ghanaian-led board, which is expected to be announced in the coming weeks.

The company is planning to accelerate mine development at the Black Volta and Sankofa concessions in Ghana’s Upper West Region, a move expected to create local employment opportunities and boost community investment in the area.

The transaction’s successful completion also challenges long-held assumptions about limits of local capital in the mining industry.

For E&P, which began as a mining services and engineering firm two decades ago, the acquisition represents a major milestone in its evolution into a full-fledged mining operator.

With conclusion of the US$100million payment, verified banking documentation and resignation of foreign directors, the long-running Azumah Resources ownership saga appears settled.

The focus now shifts from acquisition to delivery. E&P’s ability to meet operational targets, uphold environmental standards and build transparent relations with local communities will determine whether the takeover becomes a model for local empowerment or a cautionary tale for Ghana’s mining future.

The company officials said at the media engagement that SGS Bateman is the owner’s engineer partner for project development, with the first gold pour anticipated to happen in 14 months.

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