KWAME BAWUAH-EDUSEI

KWAME BAWUAH-EDUSEI

$300 Million

FOUNDER, EDUCE CAPITAL LLC

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Wealth: SELF MADE, DIVERSIFIED

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Education: KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY, BACHELOR’S DEGREE, MEDICINE. HOWARD UNIVERSITY HOSPITAL, RESIDENCY IN FAMILY MEDICINE

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Known For: EO GROUP, EDUCE MEDICAL CENTRE

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OVERVIEW

Dr. Bawuah-Edusei is a businessman, humanitarian and a medical practitioner in both Ghana and the United States of America. He worked tirelessly in numerous medical clinics and centres in the Washington, D.C. area.

As one of the Ghanaian community leaders in North America, he lobbied the U.S. Congress, State Department and World Bank from 1996 to 2000 to ensure the sustainability of democracy in Ghana. In addition, he travelled extensively in deprived areas of northern Ghana, offering free medical care at his own expense from 1996 to 2000, he also coordinated the Howard University Medical Team’s visit to Ghana in 1994. He founded the EO Group with his partner in 2002 as a purely private citizen.

Dr. Bawuah-Edusei was first appointed as Ghana’s Ambassador to Switzerland and Austria and permanent representative to the United Nations and other international organizations in Geneva and Vienna. As an ambassador, he helped to secure Ghana as host of the largest conference ever in the country - UNCTAD XII in 2008. Under his watch, Ghana also joined the International Organization of Migration and became a board member of the U.N. Commission for Refugees in 2005. He initiated a major business team to Ghana within seven months upon assumption of office.

During his tenure as Ghana’s Ambassador to the USA, commencing September 2006, many Fortune 500 companies either went to Ghana for the first time or increased their investment there. Agricultural giants Archer Daniel Midland (ADM) and Cargill opened cocoa processing companies in the country; Delta Airlines instituted direct flight from New York to Accra, Coca Cola and General Electric expanded their operations, etc. Ambassador Bawuah-Edusei initiated economic empowerment of Ghanaian Diasporans by forming chapters of Ghana Business Council in various metro areas in the US for the first time.

A pivotal achievement during his term as Ghana’s Ambassador is the fact that the President of the United States at the time, President George W. Bush paid a state visit to Ghana and stayed for three consecutive days. This is the longest a US president has stayed in any African country. Building upon that, the US invited President Kufour to Washington for a reciprocal state visit in the same year 2008.

He is also the Founder of the Edusei Foundation which is currently constructing a multimillion dollar conference facility at its headquarters in Bekwai, Ghana.

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NET WORTH SUMMARY

Kwame Bawuah-Edusei co- founded The EO Group with George Owusu which led Kosmos Energy and other partners to the Jubilee oil field to start oil exploration off the coast of Cape Three Points in the Western Region, and subsequently secured for themselves 1.75% shares in the fields.

Prior to Ghana's oil discovery companies had been to Ghana for exploration activities without success: NUEVO 1998, Dana 1999, Hunt oil 1999, Fusion oil and gas from Australia in 1999, Santa Fe, 2000. Unfortunately all the wells drilled by these companies yielded no viable commercial discoveries.

The oil industry worldwide therefore regarded Ghana as a place too risky and expensive and their petroleum agreements business unfriendly. It was against this background that the E.O Group sought to convince international oil companies to come to Ghana and overcome all the biases of Africa and invest in what had become known as the “grave yard”.

The EO Group led Kosmos Energy and other partners to the Jubilee oil field to start oil exploration off the coast of Cape Three Points in the Western Region.

The E.O Group and Kosmos on the sidelines entered into private negotiations and E.O was entitled to 3.5% working interest. It took the Kosmos /EO Group three years from agreement signing in 2004 to find oil in the deep waters of Ghana in June 2007 which is now a record in Africa. It is also possibly one of the largest oil finds in the last decade offshore West Africa. All the four wells drilled by the Kosmos/E.O Group encountered significant accumulation of hydrocarbons.

The EO Group obtained 3.5% of the newly discovered oil in the West Cape Three Points in Ghana. The initial estimate valued the 3.5% worth $200 million annually. It also means that after ten years of drilling oil, the EO Group partners will be worth at least $2 billion. 

In 2011, EO Group has sold its entire interest in Ghana’s Jubilee Oil Field to Tullow Oil plc; the EO Group disposed of its 1.75% shares to Tullow at a cost of $305 million.

The acquisition which was completed on 25th July 2011 increased Tullow's interest in the West Cape Three Points license offshore Ghana by 3.5% to 26.4% and its interest in the Jubilee Oil Field, which mainly operates by the company, by 1.75% to 36.5%.  The transaction consists of EO Group’s entire interests offshore Ghana, for a combined share and cash consideration of $305 million.

Tullow Oil also issued 10,137,196 ordinary shares of 10Gp each in the share capital of the company to EO Group to satisfy approximately $216 million of the consideration.

The deal EO Group had with Tullow Oil was part cash and part shares, with 10 million shares worth $216 million issued to EO Group and the remaining $89 million paid in cash.

The receipt of Tullow Oil shares, as part of the consideration, gave EO Group the opportunity to retain an indirect interest in the upside potential of all of Tullow Oil’s Ghanaian assets.

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