- Exclusive: $100 Million Payment Seals Full Takeover of Azumah Ghana – Black Volta and Sankofa Projects Now 100% Ghanaian-Controlled
NorvanReports has obtained exclusive banking documents confirming that Engineers & Planners (E&P) has completed full payment of $100 million to the now known as the outgone foreign stakeholders of Azumah Resources Ghana Ltd, drawing a dramatic close to one of Ghana’s most-watched corporate sagas.
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.
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 instructions.
The 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 a multinational concession, transitioning to mine owner without foreign intermediaries.
The sources within Azumah circles, who spoke to NorvanReports 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 by NorvanReports 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.
Industry analysts argue that had critics consulted Ghana’s corporate records, the narrative of “seizure” would never have gained traction. Instead, the records, and now the payment documents, tell a consistent story: the transaction was negotiated, funded, and completed within the framework of Ghanaian and international corporate and banking law.
For the new owner, the acquisition is more than a corporate victory. It represents the culmination of a 20-year journey from a mining contractor to a full-scale mine owner.
With the Black Volta and Sankofa concessions, a Ghanaian now steps into the driver’s seat, controlling the entire value chain from pit to export.
The company is expected to announce a new board structure in the coming weeks, NorvanReports understands, reflecting 100 percent Ghanaian ownership and signalling plans to accelerate mine development and community investments in the Upper West Region.
The completion of the Azumah takeover also challenges entrenched assumptions about the limits of local capital in high-value extractive ventures. This success, however, places responsibility squarely on the shoulders of the new owner. With ownership settled, the spotlight shifts to delivery: operational efficiency, environmental standards, community engagement, and transparency.
If the new owners convert this acquisition into a productive mine, it will redefine what “local content” and “local participation” mean in Ghana’s mining sector and perhaps across Africa.
But hey, for now, the documents tell the story best. A $91.9 million SWIFT transfer to Singapore, an $8 million remittance to London, board resignations filed in Accra, and jubilation in Wa all point to one conclusion: the Azumah Resources Ghana saga is over, and a Ghanaian has emerged as the undisputed, wholly Ghanaian owner of the Black Volta and Sankofa projects.
