Engineers & Planners (E&P) has officially completed its $100 million acquisition of Azumah Resources Ghana Ltd, becoming the sole owner of the Black Volta and Sankofa gold concessions.
The transaction, which resolves months of disputes over ownership and management, positions E&P as a major player in Ghana’s gold mining sector.
The payments were executed through the ECOWAS Bank for Investment and Development (EBID) in Lomé on October 6 and 7, 2025. Two international transfers were involved: $8.07 million to CANGOL PTE Ltd in London and $91.92 million to IGIC PTE Ltd in Singapore. These payments represent the full settlement with former foreign shareholders, including Azumah Australia and its partners.
At a stakeholder briefing in Accra on Friday, Noel Nii Addo, Director of Azumah Resources Ghana, confirmed that the takeover was completed in accordance with the shareholders’ agreement. “As of September 5, 2025, E&P took over Azumah. The acquisition covered 100% of Azumah’s shares, making E&P, through its beneficial owner Mr. Ibrahim Mahama, the sole owner of the company and its assets,” he said.
The acquisition gives E&P full control of two of Ghana’s key gold mining concessions, both strategically located along the mineral-rich Black Volta belt.
The settlement also ends a lengthy dispute over ownership and control that had clouded operations at Azumah Resources for months. By consolidating ownership, E&P is expected to streamline operations, attract further investment, and enhance governance of the concessions.
