Funke Adekoya SAN Chairs $100M ICC Arbitration Involving Ghana President’s Brother and Black Volta Gold Mine

Top Nigerian arbitrator Funke Adekoya SAN is presiding over a major international arbitration involving Ghana’s politically connected construction firm Engineers & Planners (E&P) and mining developer Azumah Resources. The ICC dispute concerns the Black Volta gold mine in northwest Ghana and carries a $100 million counterclaim.

E&P is owned by Ibrahim Mahama, younger brother of President John Mahama, who returned to power in January. The case has drawn attention not just for its scale but for its implications at the intersection of business and political influence.

Adekoya leads a three-member tribunal that also includes Ghanaian arbitrator Shadrack Arhin and the UK’s Edwin Glasgow KC. The tribunal is seated in London under ICC rules.

The dispute stems from a 2023 agreement that gave E&P the opportunity to acquire equity in Azumah’s gold mining project in exchange for civil engineering works. Azumah, backed by Ibaera Capital of Australia and Singapore, terminated the agreement citing E&P’s inability to meet contractual milestones. Azumah’s counterclaim includes allegations of fund misappropriation and unauthorised conduct by E&P’s agents.

Azumah is represented by Steptoe (London) and Bentsi-Enchill Letsa & Ankomah, while E&P is advised by Robert Smith Law Group in Accra.

The presence of Funke Adekoya SAN as tribunal chair reflects the rising global influence of African arbitrators in high-value commercial disputes.