This archive report was first published on 16 May 2020.
Kenya Commercial Bank (KCB) Group's Chief Executive, Joshua Oigara, earned a staggering KSh 299.1 million in 2019 as an Executive Director and CEO, according to the bank's 2019 directors' remuneration report.
Published on May 16, 2020, this report reveals that Oigara's gross pay consisted of an annual salary of KSh 72 million, a cash bonus of KSh 143.3 million, KSh 11.5 million in allowances, KSh 21.6 million as gratuity, non-cash benefits of KSh 300,000, and deferred bonus payments of KSh 48.4 million.
Non-cash benefits included medical insurance cover, club membership, and professional indemnity cover. Allowances paid included house allowance, car allowance, telephone allowance, and any allowances related to loan benefit adjustment. Gratuity was paid to directors at the rate of 30% of consolidated basic salary, with the total gratuity paid at the end of the contract term.
Interestingly, Oigara's salary package, allowances, and other benefits rival those of Dr. Gideon Muriuki, considered the highest-paid bank CEO in Kenya. According to the 2019 financial statements of Co-operative Bank, Dr. Muriuki earned an annual pay of KSh 376.4 million, ahead of Oigara's KSh 273 million at the end of the 2018 financial year.
Joshua Oigara has been serving as the Group Chief Executive Officer of KCB, the most profitable lender in Kenya, since November 2012, when he was appointed CEO at the age of 37. He took the helm of the bank to replace Dr. Martin Oduor-Otieno, making Oigara the youngest CEO of a listed firm at the NSE then.
