Kenya’s best paid CEOs: About four years ago, Stanbic Kenya chief executive officer Joshua Oigara who is the former KCB Group chief executive officer was reported to be worth over Sh. 220 million.
Mr. Oigara had said that his net worth of Sh. 220 million was made up of total assets of Sh. 350 million and loan obligations of Sh. 130 million. His monthly salary and allowances totaled Sh. 4.9 million at the time.
In 2017 alone, he earned an astonishing Sh. 256 million which was equivalent to making Sh. 703, 296 per day!
Fast forward to 2022. It is only plausible that as one of Kenya top chief executives, Mr. Oigara has grown this figure. In the financial year 2018, Joshua Oigara was paid an incredible Sh. 273 million salary by the Kenya Commercial Bank (KCB).
This included his basic salary, allowances and bonuses. His salary also represented an increase of 6.6 per cent which came largely from his bonus pay. He received a bonus pay of Sh. 180 million up from Sh. 147 million that he was paid the previous year. This bonus also compensated for a drop of Sh. 20 million in allowance which stood at Sh. 10 million.
And when he left KCB in 2022, he boldly forfeited a salary amounting to over Sh. 300 million.
Unknown to many, though, Oigara’s has been an inspirational journey to the helm of Kenya’s top ranked bank.
Appointed as KCB Group CEO in 2013 and Stanbic CEO in November 2022, Joshua served as a passionate General Manager with broad managerial experience in Leading teams, Strategy, Finance, Business Development, Innovation and IT.
Joshua is a solid business executive with ability to lead and motivate ordinary people to achieve excellence. Inspires individuals and teams to deliver world class performance in their organizations.
“I started off as a teacher in my rural village, earning Sh. 5, 000 a month. I have grown to be one of the CEOs of top banks in the country. Over time, that allowed me to acquire what I have,” said Oigara.
““I have had to work hard for the past 18 years in different companies and capacities.”
When Oigara made his wealth public, he said his desire was to see the private sector lead in fighting corruption.
“My public declaration is driven by the need for us as private sector players to initiate greater transparency. Kenya is bleeding from corruption mainly driven by secrecy in organizational operations,” he said.
“Corruption takes away equal opportunity and hurts growth by consuming funds which could otherwise have gone into social and economic projects like health and education.”