The Accra High Court's Commercial Division, presided over by Justice Doris Dabanka Awuah-Bekoe, has dismissed an interlocutory injunction application filed by Adamus Resources (PTY) Limited, an Australian-based company affiliated with Mr. Paul List. The application sought to restrain Ms. Angela List, Nguvu Mining Limited, and Adamus Resources Limited from transferring a 90% stake in Adamus Ghana.
In February 2025, Adamus Australia filed a suit claiming ownership of the 90% stake in Adamus Ghana and prayed the court to set aside the acquisition by Nguvu Mining Limited. Adamus Australia argued that the transfer of shares was fraudulent, as it was signed by a shareholder rather than a director of the company. The company's lawyers, Minkah Premo, Osei-Bonsu and Co., contended that the deed of transfer should have been signed by Alan Morrison, a director of Adamus Australia.
The defendants, Ms. Angela List, Nguvu Mining Limited, and Adamus Ghana, responded that the action was frivolous, vexatious, and in bad faith. They argued that Adamus Australia had concealed material facts and failed to satisfy the court on the essential prerequisites for granting an injunction. The defendants' lawyers, Dame & Partners, exhibited documents showing that Moses Bosompem, who executed the deed of transfer, was a duly appointed director of Adamus Australia at the time.
The defendants further argued that Ms. Angela List is the ultimate beneficial owner of Nguvu Holdings Limited, Nguvu Mining Limited, Adamus Australia, and Adamus Ghana. They claimed that the transfer of shares was authorised by the shareholder, and therefore, there was no valid cause of action against them. The Office of the Registrar of Companies, the Minerals Commission, and the Minister for Lands and Natural Resources had also exercised their powers in accordance with the law to issue a "no objection" to the change of control.
The court ruled that the conditions precedent for granting an interlocutory injunction had not been met by Adamus Australia. The court found the application meritless and dismissed it. This ruling is another blow to Adamus Australia, its sole director, Alan Morrison, and Mr. Paul List, who have been engaged in a running battle to challenge the acquisition of the 90% stake in Adamus Resources Ghana Limited by Nguvu Mining Limited.
In an earlier ruling delivered on July 30, 2025, the Commercial Court ordered Adamus Australia to pay the cedi equivalent of $50,000 as security for legal costs to be incurred by Adamus Ghana, its CEO, Ms. Angela List, and Nguvu Mining Limited. The court stayed proceedings in the suit until Adamus Australia had paid the amount and provided evidence of payment to the court.
The dismissal of the injunction application leaves the way open for Nguvu Mining Limited to proceed with its acquisition of the 90% stake in Adamus Ghana. It remains to be seen what move Mr. Paul List and Alan Morrison will make next. The ruling has significant implications for the mining industry in Ghana and the ongoing dispute over the ownership of Adamus Resources Ghana Limited.
Key points
- The Accra High Court dismissed Adamus Australia's injunction application over the transfer of a 90% stake in Adamus Ghana to Nguvu Mining Limited.
- The court ruled that Adamus Australia had not met the conditions precedent for granting an interlocutory injunction.
- The dismissal is another blow to Adamus Australia and its affiliates in their battle to challenge the acquisition of the stake in Adamus Resources Ghana Limited.
