Engineers & Planners (E&P) has provided evidence of how it has become the sole equity shareholders of Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd, securing full ownership of the Black Volta and Sankofa gold concessions in the Upper West Region.
The clarification, delivered by Bobby Banson, legal representative of E&P, comes after public debate following comments by Bright Simons, Vice-President of IMANI Africa, who alleged that the acquisition was incomplete and that E&P had not met certain obligations under a 2023 financing agreement with private equity firm Ibaera Capital.
Mr. Banson described those claims as false, misleading, and inconsistent with incorporation records, regulatory filings, and contractual agreements.
Breaking down the acquisition
According to official filings at the Registrar-General’s Department, Azumah Resources Ghana Ltd was registered with a stated capital of GH₵26,190.53.
The records clearly indicate that 93.4 million shares in Azumah Resources and three million shares in Upwest Resources have been allotted to Engineers & Planners, making it the sole equity shareholder.
In respect of shareholding prior to the acquisition, Azumah Resources Ghana Ltd had include 50,000 shares valued at GH₵5,000 and IGIC PTE Limited holding 43,457,000 shares valued at GH₵21,190.53
All these shares were vested in a Ghanaian as the ultimate and sole beneficial owner with no reference to any foreign owners
With the transaction concluded, all these shares have now been consolidated under E&P’s ownership.
“From a regulatory perspective, ownership has changed hands. The records at the Registrar-General’s Department are unambiguous, and filings with the Ghana Revenue Authority confirm E&P as the beneficial owner,” Mr. Banson stressed.
No role for Ibaera
Central to the controversy has been the alleged involvement of Ibaera Capital, with some critics claiming that the fund remains a stakeholder in Azumah Resources.
Mr. Banson dismissed this as “a fabrication designed to sow confusion,” insisting that Ibaera is not and has never been a shareholder in Azumah Resources Ghana Ltd.
Instead, he explained that E&P’s binding agreement was signed with IGIC PTE Limited, Cangol PTE Limited, Azumah Resources PTY Limited, Upwest Resources Company Limited, and Phoenix Resources Limited.
“There is no agreement between E&P and Ibaera. The incorporation records, the Registrar-General’s filings, and all regulatory documents confirm that a Ghanaian—through E&P—is the beneficial owner of Azumah Resources. No shares are being held in trust for any external entity,” Mr. Banson said.
Financial commitments and debt resolution
Questions have also been raised about whether E&P had met Azumah’s historical debt obligations.
Mr. Banson clarified that under the acquisition terms, the initial $50 million debt owed by Azumah was rescheduled, with an extended repayment period up to December 31, 2024.
He noted that far from defaulting, E&P has already taken proactive steps to engage creditors, inviting them to submit verified claims and pledging to work with the Ghana Revenue Authority to conduct a full debt audit.
“E&P has not walked away from liabilities. On the contrary, we are committed to clearing all legitimate debts, and in the meantime, we are the ones funding salaries, covering exploration expenses, and sustaining operations,” he added.
Track record and technical capacity
E&P further argues that its track record as one of West Africa’s largest mining contractors gives it the technical and financial muscle to bring the Azumah and Upwest concessions into production.
“The cost of developing the mine is estimated between $150 million and $160 million. We are fully prepared to mobilise resources for development.
“The very fact that since assuming control, we have been the sole financier of ongoing operations, including salaries and fieldwork, is proof of ownership and capacity,” Mr. Banson said.
Counterclaims described as “dishonest publications”
Mr. Banson was unequivocal in his rejection of publications suggesting that E&P had acted improperly in the transaction.
“I have just read another dishonest publication in respect of the E&P-Azumah transaction, and for the sake of public good and to expose the hypocrisy and lies, I will serialise the facts and evidence,” he said, insisting that public discourse must be based on verifiable records, not conjecture.
He emphasised that even at the point of incorporation, filings showed that the beneficial ownership of Azumah Resources was Ghanaian.
“The records, the books, the Registrar-General, the GRA filings—all confirm this reality,” he reiterated.
Sole equity ownership
At the heart of E&P’s position is the simple fact that it has now segmented and completed the acquisition process, securing the GH₵26,000 worth of shares and consolidating all equity under its name.
“Having acquired the GH₵26,190.53 in shares, E&P is now the sole equity shareholder of Azumah and Upwest.
This is not speculation—it is documented in the filings, recognised by regulators, and demonstrated by the fact that we have been solely responsible for the projects since acquisition,” Mr. Banson stated.
With the legal and regulatory dust settling, E&P says it is turning its focus to accelerating the development of the Black Volta and Sankofa concessions, which analysts believe could become one of Ghana’s most significant new gold projects.
For now, the company is determined to quash what it calls “misguided narratives” about its ownership.
“E&P owns these assets—fully, legally, and beneficially. We have the records, the receipts, and the responsibility that comes with ownership. No amount of speculation can change this fact,” Mr. Banson concluded.
