• May 22, 2024
  • Last Update May 22, 2024 12:06 PM
  • Nairobi

Highest earning CEOs in Kenya

Highest earning CEOs in Kenya

By Patricia Mollyne Mataga

Many factors are considered when a company determines how much an employer earns – from the level of education, and experience as well as the general market rates.

However, there is a basic framework within which these salaries tend to fall. It is estimated that the average monthly salary in Kenya, across various sectors, ranges between Ksh30,000 to Ksh130,000.

But the highest-paid individuals are mostly the Chief Executive Officers of companies that have been performing well in the last few years.

Most of the companies paying their CEOs good salaries are in the banking, real estate and telecommunications industries.

We take a look at some of the individuals that are the highest paid in the country today.

NCBA Managing Director, John Gachora

NCBA is one of the leading banks in the country. It has long been linked to former President Uhuru Kenyatta’s family.

2023 data from the banking industry show that the bank’s Managing Director John Gachora earned an annual salary of Ksh147.73 million. This basically means Gachora takes home about Ksh1.2 million every month.

EABL CEO Jane Karuku

Karuku’s annual salary as the East African Breweries Limited (EABL) boss is estimated to be around Ksh126.37 million every year – or basically about Ksh631,000 every month.

Other benefits include Ksh66.8 million in bonuses and KSh 9.67 million.

Equity Group CEO James Mwangi

Business Daily in 2022 reported that James Mwangi’s pay as the boss at Equity Group stood at Ksh213.64 million. This was almost an increase by double what he earned in 2021.

Safaricom CEO Peter Ndegwa

Safaricom is one of the biggest companies in East and Central Africa. It is also known to be among the companies that remunerate its workers well and it’s no surprise its CEO, Peter Ndega is among the highest-paid.

Data shared by Mwanga Capital shows that in 2022, Ndegwa took home a whopping Ksh26 million per month as his salary.

KCB CEO Paul Russo

Ruso is another high-earning CEO from the banking sector.

In 2023, the KCB boss earned a gross compensation of KSh 217.4 which also included an annual salary of Ksh72.7 million, a bonus of Kah99.3 million, and a deferred payment of Ksh24.8 million.

Russo took over from Joshua Oigara who moved to Stanbic Bank for the same job.

Cooperative Bank MD Gideon Muriuki

A recent report by Nation Media Group’s Daily Nation shows that Miriuki makes an average of Ksh1.2 million as the Cooperative Bank Managing Director.

This means he earns at least Ksh36 million every month, exclusive of other allowances that also run into millions of shillings.

Other Chief Executive Officers with huge salary paychecks include East African Breweries Limited’s (EABL) Jane Karuku whose annual earning is estimated to be Ksh126.37 million and Centurum’s James Mworia who takes home 45.5 million every year.

There are many other individuals who earn well, including the president, his deputy and members of parliament whose salaries run into millions if various allowances are factored in.

President William Ruto’s gross monthly salary for the the financial year 2023/2024 and 2024/2025 is of Ksh1,443,75.

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