Bank CEOs in Kenya are some of the highest paid business executives in the whole country. They earn so much that when a mean of their annual is done, some of them pocket an average of up to Sh. 30 million monthly.
For instance, former KCB Group chief executive officer Joshua Oigara was reported to have enjoyed a 217 per cent jump in his earnings for the financial year 2021 which was his last full financial year as KCB CEO. This heavy pay was equivalent to Sh. 252.3 million which pushed his annual pay to Sh. 368.5 million.
Although his annual basic pay remained at Sh. 76.4 million, Oigara received a Sh. 241.1 million bonus on the back of having guided KCB Bank to a net profit jump of 74 per cent to Sh. 34.2 billion.
He also saw his non-cash benefits—medical insurance cover and club membership—rise from Sh. 300,000 to Sh. 1.6 million.
Equity Group CEO James Mwangi saw his total compensation fall from Sh. 278.53 million to Sh.143.02 million in the absence of a higher gratuity for the financial year 2020. He had earned a gratuity of Sh. 194.6 million in 2020 in lieu of pension contribution for 10 years.
The gratuity dropped to Sh. 42.15 million in 2021 to lower his overall pay cheque. His basic pay increasing from Sh.56.73 million to Sh.78 million. This averages to Sh. 6.5 million per month.
Dr. Mwangi may have received a monthly salary rise of about Sh. 1.8 million in 2021. He is also set for a Sh. 383.4 million payout as dividend for his 3.4 per cent direct stake in Equity with the lender set to pay a Sh. 3 per share dividend. At Sh. 78 million, Mwangi’s monthly basic pay overtook that of Oigara.
Standard Chartered Kenya CEO Kariuki Ngari saw his pay jump by 27.5 per cent to Sh. 115.63 million from Sh. 90.64 million in the previous year.
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Mr. Ngari’s increased pay fueled by a Sh. 35.94 million bonus. His base pay was Sh. 45.37 million or Sh. 3.78 million per month. Absa Kenya CEO Jeremy Awori received Sh. 23 million as a cash bonus.
Awori’s total pay hit Sh. 106.78 million, a 28 per cent rise from Sh. 83.31 million in the previous year when he did not earn a bonus.
NCBA’s John Gachora got Sh. 76.8 million. Out of this, Sh. 65.01 million of which was basic pay.
Nasim Devji of DTB earned a basic pay of Sh. 61.11 million. When the other benefits were added, he took home a total of Sh. 63.18 million.
– Report adapted from The Standard.
