ADVERTISEMENT

How these 6 Kenyan bank executives made a whopping $10.1 million in 12 months alone last year

Nairobi City
  • Among the highest paid are bank executives who head some of Kenya’s top banks.
  • These CEOs pay outstripped their average employees earnings by a factor of nearly 64 times.
  • The six CEOs took home the millions in form of salaries, allowances and bonuses, arising from increased profitability of the lenders even as other sectors of the economy experience tough economic times.

Kenya has some of the best-paid executives who come end month laugh all the way to the bank.

ADVERTISEMENT

Among the highest paid are bank executives who head some of Kenya’s top banks.

According to pay disclosures made in the banks’ annual reports it shows that the CEOs of Co-operative Bank, KCB, Barclays Kenya, Standard Chartered, NIC Bank and mortgage financier HF together took home a total of Sh1.01 billion ($10.1 million) in 2018, up from Sh987 million ($9.87 million) a year earlier.

The six CEOs, who happen to be also the highest paid executives in the country, took home the millions in form of salaries, allowances and bonuses, arising from increased profitability of the lenders even as other sectors of the economy experience tough economic times.

These CEOs pay outstripped their average employees earnings by a factor of nearly 64 times. The median bank worker was paid on average Sh2.64 million or Sh220,200 ($2,202) per month.

Co-operative and KCB, whose chief executives - Gideon Muriuki and Joshua Oigara - lead the pack and took home Sh376 million ($3.76 million) and Sh273 million ($2.73 million) respectively last year.

Barclays Kenya chief executive Jeremy Awori followed suit and earned a basic salary of Sh34.3 million ($343000) with bonuses and allowances totalling Sh66.8 million ($668,000) .

Standard Chartered paid its former CEO Lamin Manjang Sh100.9 million ($1.009,000) some Sh3 million lower compared to 2017. Mr Manjang left the Kenya unit in December 2018.

NIC Bank Managing Director John Gachora was not badly off either and was paid Sh95.9 million ($959,000) last year compared to Sh98 million in 2017, with his basic pay standing at Sh61.6 million ($616,000).

Former HF managing director Frank Ireri, who left the home loans lender in March this year, was paid Sh64.1 million ($641,000) last year compared to Sh64.4 million ($644,000) in 2017.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Top 10 African countries with the highest economic prospects for 2023

Top 10 African countries with the highest economic prospects for 2023

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

ADVERTISEMENT