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Cameroonian Joseph Pagop Noupoué fired from Ernst & Young for policy violation

Cameroonian Joseph Pagop Noupoué fired from Ernst & Young for policy violation
  • Comments   -   Tuesday, 10 October 2023 17:09

(Business in Cameroon) - Cameroonian lawyer Joseph Pagop Noupoué has been removed from his position as Country Managing Partner at the international accounting firm Ernst & Young (EY). A recent internal memo co-signed by Erik Watremez, the interim Country Managing Partner for Cameroon and Gabon, and Marcel Van Loo, EY's Western Europe Region Manager, cited policy violations as the reason for Noupoué's dismissal. The memo also stated that Noupoué is no longer employed by EY and is attempting to separate the Cameroonian legal entities from the global EY network, which his former partners do not agree with.

"We would like to reaffirm that EY's management in Cameroon has been restructured with Erik Watremez, Acting Country Managing Partner of EY Cameroon, Abdoulaye Mouchili, Head of Assurance EY Cameroon, and Anselme Patipewe, Head of Tax EY Cameroon. They will continue to lead EY's activities in Cameroon, meeting clients' needs in both audit and tax", the memo reads.

This change has raised questions, with some speculating that it may be connected to Noupoué's involvement with Savannah Energy, a British junior oil company. Noupoué, who is the sole known Cameroonian shareholder in Savannah Energy, was part of a recent diplomatic dispute between Cameroon and Chad. The dispute arose after Cameroon signed an agreement with the National Hydrocarbons Company of Cameroon to transfer 10% of Cotco assets, the company managing the Cameroonian section of the Chad-Cameroon pipeline. Chad claimed that Cameroon had engaged in unfriendly actions by contracting with a "fishy" group associated with Cameroonian figures who were challenging Chad's nationalized oilfields following Exxon Mobil's departure.

Noupoué's involvement with Savannah Energy became official when he was appointed as a non-executive director on the company's board in April 2023. He was also named to succeed Steve Jenkins, Savannah Energy's current non-executive chairman, who plans to retire after serving eight years in the position. To join the company's decision-making body, Noupoué purchased 6,095,726 new shares at £1.6 million (about CFA1.2 billion). This acquisition gives him a 0.46% stake in the company's total voting rights. The source of funds for this acquisition remains undisclosed.

"I am delighted to be joining Savannah at this key time in its growth and look forward to bringing my experience to the role. I would like to thank the outgoing Chairman, Steve Jenkins, for guiding this company since 2014 and I look forward to working with him, the rest of the Board, and the management team to achieve our many and wide-ranging goals. It's very clear to me that Savannah is ambitious and fueled by a passion for doing good in the world. The benefits Savannah has brought to the African community in Nigeria and Niger, and the projects for Cameroon and South Sudan, are impressive and obvious," he commented following his appointment.

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