Engineers & Planners (E&P) has completed full payment of $100 million to the former foreign shareholders of Azumah Resources Ghana Ltd, finalising its acquisition of the Black Volta and Sankofa gold concessions.
The two international transfers were made through the ECOWAS Bank for Investment and Development (EBID) in Lomé on October 6 and 7, 2025. The first transfer of $8.07 million went to CANGOL PTE Ltd in London, while the second, $91.92 million, was sent to IGIC PTE Ltd in Singapore.
The payments mark the final settlement with Azumah Australia and its partners, bringing closure to months of disputes over ownership and control of the concessions.
Director of Azumah Resources Ghana, Noel Nii Addo, confirmed the development at a stakeholder briefing in Accra on Friday, October 17.
“As E&P actually took over Azumah on the 5th of September 2025 in accordance with the shareholders’ agreement, and the first instance was the acquisition of all the shares of Azumah, the 100% shares of Azumah by the beneficial owner of E&P and also the beneficial owner of Azumah.
“So as we speak right now the single sole owner for the equity stake of Azumah is E&P through its beneficial owner Mr Ibrahim Mahama,” he stated.
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