Engineers & Planners (E&P) has completed full payment of 100 million million U.S. dollars for the total take-over of Azumah Resources Ghana Ltd, bringing a closure to the recently watched acquisition in Ghana’s mining sector, according to reports on Friday.
Two international SWIFT transfers, totalling USD 100 million, were executed on 6 and 7 October 2025 through the ECOWAS Bank for Investment and Development (EBID) in Lomé, according to NR.
The first, a USD 8.07 million transfer to CANGOL PTE Ltd (London), carried the remittance note “Full Payment – Black Volta Gold Acquisition // Engineers and Planners.”
The second, a USD 91.92 million payment to IGIC PTE Ltd (Singapore), bore identical instructionsThe payments represent the final settlement to Azumah Australia and its associated investors, completing the acquisition of the Black Volta and Sankofa gold concessions and ending months of acrimonious claims about ownership, filings, and control.
The transfers, which have been verified by NorvanReports, bring closure to a corporate dispute that had pitted a homegrown Ghanaian engineering giant against foreign stakeholders and their public relations surrogates.
For months, international lobbyists and civil-society commentators questioned the legality of the transaction, even after filings at Ghana’s Registrar-General’s Department showed E&P had become the sole shareholder of both Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd as of 3 September 2025.
Those filings reflected the allotment of 93.4 million shares in Azumah Ghana and 3 million in Upwest to E&P, which effectively meant the transfer of control of the Black Volta and Sankofa projects.
Despite the evidence, a London-based PR firm launched an aggressive denial campaign, claiming E&P had “forcibly seized” the mines. That narrative now collapses under the weight of the $100 million transaction trail, which shows final closure to the transaction
Information also obtained by NorvanReports shows that following receipt of the funds, all foreign directors have tendered their resignations, formally exiting the company. Azumah Resources Ghana Ltd now stands as a fully Ghanaian-controlled mining entity.
This structural shift, validated by both payment proofs and corporate resignations, marks a turning point in Ghana’s mining history. For the first time, an indigenous company has fully financed and executed the buyout of amultinational concession, transitioning to mine owner without foreign intermediaries.
The sources within Azumah circles, who spoke on condition of anonymity, described the settlement as the natural conclusion of a lawful acquisition executed by the book.
Also, a top Corporate Lawyer whom we contacted on the issue said, “This transaction has followed due process, looking at the documents available and Ownership of any firm under the circumstances is determined by filings and payment, not by press statements. The evidence is not on social media; it’s in the Registrar’s books and the banking system.”
The $100 million proof undercuts months of speculation driven by public figures and other voices, who questioned the transaction’s legitimacy. Observers say the episode highlights the danger of trial-by-Twitter, where activists and communication consultants overshadow due diligence.
E&P is a wholly Indigenous Ghanaian owned mining and construction contracting company headquartered in Accra, Ghana. Since its inception in 1997, E&P has been conducting contract mining services for international mining, construction and equipment renting companies around the world with particular expertise in mining environments within Africa.