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.

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.

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