Thursday, July 25, 2024

Safaricom CEO Peter Ndegwa’s salary declines to Sh. 252.3 million

Safaricom CEO Peter Ndegwa’s salary for the full financial year 2023 declined to Sh. 252.3 million. According to Safaricom’s annual report, Mr. Ndegwa’s total earnings from the company for the year 2023 stood at Sh. 252.3 million after falling from Sh. 313.1 million that he had earned the previous 2022 financial year.

This decline was attributed to reduced bonus earnings in the year under review. According to the annual report from Safaricom, Mr. Ndegwa’s bonus earnings reduced by Sh. 62.2 million to Sh. 134.1 million from the previous bonus earnings of Sh. 196.27 million.

Apart from the total salary, Ndegwa is also set to earn big from his increased shareholding in the company. The Safaricom CEO has increased the amount of Safaricom shares that he owns to 6.21 million. As at the end of Safaricom’s financial year in March 2024, Mr. Ndegwa’s Safaricom shares had risen from 895,000 to 6.21 million.

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These shares are now worth an estimated Sh. 107.4 million from the trading price of Sh. 17.30 at the Nairobi Securities Exchange. Over the past one year, the Safaricom stock has had a swing of a low of 11.50 per share and a high of 21.15 per share.

At the highest price range of 21.15, Ndegwa’s stake in Safaricom would be worth Sh. 131.3 million. At the lowest, they would be worth Sh. 71.4 million.

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A look at Mr. Ndegwa’s earnings since he joined Safaricom shows that this was the first time that he has recorded a decline in full year total earnings.

In the previous 2022 year, Ndegwa’s basic salary was Sh. 95.24 million while his bonus was Sh. 196.27 million. At the same time,  his non-cash benefits amounted to Sh. 21.60 million.

In the 2021 financial year that ended in March 2022, Safaricom CEO Peter Ndegwa’s salary stood at a total of Sh. 288.9 million. This had been a 43 per cent growth from the Sh. 202 million he earned in the financial year 2020. This put his total at an average of Sh. 24.075 million per month. Ndegwa had received Sh. 178.8 million in bonuses during the year, a 98 per cent increase from the Sh. 90 million he took home in the 2021 year.


In his first salary as Safaricom CEO in 2021, every month, the Safaricom CEO earned a salary of Sh. 16.79 million. His basic pay for the year ended March 31, 2021, stood at Sh. 102.3 million. He then received an additional Sh. 90 million bonus and Sh. 9.2 million in non-cash benefits.

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