Ghanaian-owned mining and construction giant Engineers & Planners (E&P) has successfully completed the 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.
Speaking at a stakeholder briefing in Accra, Noel Nii Addo, Director of Azumah Resources Ghana, confirmed the development, describing it as a landmark achievement that cements E&P’s full control of the mining entity.
“E&P actually took over Azumah on the 5th of September 2025 in accordance with the shareholders’ agreement.
“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.”
Noel Nii Addo, Director of Azumah Resources Ghana
The completion marks a major milestone in Ghana’s mining sector, consolidating local ownership of one of the country’s most promising gold assets and positioning E&P, owned by businessman Ibrahim Mahama, as a key player in West Africa’s growing gold industry.
Transaction Details and Milestones
Mr. Addo provided background on the transaction, explaining that the deal was structured in two key phases: the acquisition of shares and the settlement of Azumah’s loan books.
The foreign shareholders of Azumah Resources Ghana included IGEC PTE Ltd and CANGOL PTE Ltd, both incorporated in Australia and Singapore respectively.
The two entities previously held controlling interests in the company, which have now been fully transferred to E&P.
“The transaction was in two folds first, the acquisition of the shares, and then also the loan books of Azuma.
“As of the 6th and 7th of October, the second leg of the acquisition, which involved the swap of the loan facility, has been duly executed.”
Noel Nii Addo, Director of Azumah Resources Ghana
According to official records, E&P transferred $91.92 million to IGEC and $8.07 million to CANGOL, completing the financial obligations under the agreement.
Both transfers were facilitated through the ECOWAS Bank for Investment and Development (EBID) in Lomé, Togo, on October 6 and 7, 2025, respectively.
“Engineers and Planners has transferred what is due IGEC as well as Kangol, thereby sealing the whole transaction.
“So, as we speak right now, the financial obligations due Engineers and Planners have been duly settled, making E&P the sole owner of Azumah.”
Noel Nii Addo, Director of Azumah Resources Ghana
Following the completion of the acquisition, E&P immediately initiated changes to Azumah’s corporate governance structure.
Mr. Addo revealed that the board of Azumah Resources Ghana was reconstituted in early September, with all foreign directors resigning their positions.
“As of last week, the foreign directors of Azuma the white people have all resigned from the board, making the company solely owned and managed by Ghanaians.”
Noel Nii Addo, Director of Azumah Resources Ghana
Background and Significance
The acquisition process began in July 2025, when E&P entered into an agreement with EBID to secure a $120 million facility for the purchase of Azumah Resources Ghana Ltd.
The deal experienced temporary hurdles, including valuation disagreements and regulatory approvals, before being finalized in September.
The transaction now positions E&P as the full owner of Black Volta Gold Project, a highly prospective concession located in Ghana’s Upper West Region, and the Sankofa concession, which holds substantial reserves and exploration potential.
With the conclusion of this deal, Engineers & Planners joins the ranks of Ghanaian-owned entities with full operational control of major mineral assets, reinforcing the government’s vision of Ghanaian value creation in mining.
E&P’s takeover is also expected to bring a new phase of investment into the Black Volta and Sankofa concessions, focusing on technological innovation, community engagement, and sustainable mining practices.
According to industry sources, the company is already preparing for expanded exploration and production activities across both sites, which are projected to generate hundreds of local jobs and boost state revenue through royalties and taxes.
The completion of the $100 million payment marks not only the financial closure of a complex cross-border transaction but also a symbolic milestone for Ghana’s quest for economic self-reliance in the extractive sector.
As E&P integrates Azumah’s assets into its portfolio, attention now turns to how the company will leverage these concessions to expand its mining footprint across the subregion, beginning with aggressive exploration and early-stage production planning.
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