Joshua Oigara left many in shock when he decided to leave to leave his position as the chief executive officer of top bank KCB Bank Group earlier than was expected.
One of the primary reasons why Oigara’s move puzzled many is the top dollar salary that he has been earning as the bank’s chief executive officer.
An average of his pay from the last two financial years shows that Oigara was earning above Sh. 300 million in salary, allowances, bonuses, and compensation as KCB CEO.
Throughout his career, Oigara has been one of the best paid CEOs in Kenya, raking in tens of millions in salary, allowances, benefits and bonuses.
How educated is Joshua Oigara? See his education and career profile
In the previous 2021 financial year for instance, Oigara is reported to have enjoyed a 217 per cent jump in his earnings. This 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.
In the 2020 financial year, he earned an incredible Sh. 299.1 million pay. This pay included his basic salary, allowances and bonuses. Oigara earned a bonus of Sh. 145.3 million.
He was also paid deferred compensation of Sh. 48.4 million as bonus last year and a gratuity of Sh. 21.6 million. His basic salary was Sh. 72 million.