Engineers & Planners (E&P) has completed the full payment of $100 million to the former foreign shareholders of Azumah Resources Ghana Ltd, officially concluding its acquisition of the Black Volta and Sankofa gold concessions.

The payments were made via two international transfers processed through the ECOWAS Bank for Investment and Development (EBID) in Lomé on October 6 and 7, 2025. The first transfer, amounting to $8.07 million, was sent to CANGOL PTE Ltd in London, while the second, totaling $91.92 million, was directed to IGIC PTE Ltd in Singapore.

These transactions represent the final settlement with Azumah Australia and its partners, resolving months of disputes regarding the ownership and control of the concessions.

Noel Nii Addo, Director of Azumah Resources Ghana, confirmed the completion of the payment during a stakeholder briefing held in Accra on Friday, October 17.

“E&P officially took over Azumah on September 5, 2025, in line with the shareholders’ agreement. The first step involved acquiring all the shares of Azumah — 100% equity — by the beneficial owner of E&P, who is also the beneficial owner of Azumah,” he explained.

“As of now, the sole owner of Azumah’s equity stake is E&P through its beneficial owner, Mr. Ibrahim Mahama,” he added.