Kenya’s 12 highest-paid CEOs on the Nairobi Securities Alternate

In 2024, the pay hole between Kenya’s company boardrooms and strange employees widened additional. Financial institution executives continued to dominate the highest of the earnings pyramid, with the nation’s highest-paid CEOs taking dwelling a whole lot of hundreds of thousands of {dollars} in salaries, bonuses, inventory choices, and advantages, at the same time as many corporations trimmed employees or froze junior pay to protect earnings amid excessive rates of interest, sluggish credit score progress, and mounting financial uncertainty.

An evaluation by TechCabal of the 12 highest-paid CEOs in Kenya’s listed corporations reveals simply how profitable company management stays. It additionally displays how banks—shopping for authorities securities and chopping lending to the actual economic system—have stayed extremely worthwhile and richly rewarding for his or her prime administration.

Monetary sector chiefs took dwelling Kenya’s lion’s share of company pay. Financial institution CEOs pocketed almost KES1.2 billion ($9.3 million), led by Paul Russo, John Gachora, and Gideon Muriuki. Safaricom’s Peter Ndegwa, nevertheless, out-earned all of them, additional cementing the telecom big’s dominance of the East African market.

The earnings packages, disclosed in annual experiences, come amid a rising mismatch between govt compensation and financial efficiency. Whereas the Central Financial institution of Kenya (CBK) warned repeatedly that banks weren’t directing credit score to the productive economic system, compensation for senior financial institution leaders continued to rise sharply, in some circumstances by over 40%.

Kenya’s banking sector recorded KES262.3 billion ($2 billion) in pre-tax earnings in 2024. But a lot of that got here from locking into high-yield authorities securities reasonably than lending to the actual economic system.

1. Peter Ndegwa, Safaricom — KES 294.2 million ($2,284,516)

Safaricom’s chief govt, Peter Ndegwa, is the highest-paid CEO in company Kenya for the fiscal 12 months ending March 2025, incomes KES 294.2 million in complete compensation, a 17% enhance from the earlier 12 months. 

His pay bundle included KES 98.7 million ($766,423) in wage, a bonus of KES 116.7 million ($906,200), non-cash advantages valued at KES 33.5 million ($260,133), and KES 45.3 million ($351,700) in efficiency shares underneath the corporate’s Government Efficiency Share Award Plan (EPSAP).

The payout got here because the telecoms big returned to progress, reporting an 11% rise in web revenue to KES 69.8 billion ($542 million), pushed by robust performances in cell cash, knowledge companies, and narrowing losses in its Ethiopia operations. Safaricom stays East Africa’s most worthwhile firm and certainly one of its most beneficiant boardrooms.

2. Paul Russo, KCB Group — KES 250.2 million ($1,942,850)

KCB Group CEO Paul Russo’s complete compensation soared by 40.8% in 2024, making him the highest-paid financial institution govt within the nation. His KES 250.2 million payout got here in a 12 months when KCB reported KES 60 billion ($466 million) report earnings, primarily from risk-free lending to the federal government by way of Treasury devices.

The financial institution, nevertheless, additionally raised its loan-loss provisions to buffer towards rising defaults, a nod to the monetary pressure going through many households and SMEs. Regardless of Russo’s windfall, KCB reduce its administrators’ compensation by 20%, a uncommon transfer in an in any other case profitable boardroom 12 months.

3. John Gachora, NCBA Group — KES 208.4 million ($1,618,264)

NCBA Group CEO John Gachora earned KES 208.4 million in 2024—a 25.7% enhance from the earlier 12 months. Whereas his pay positioned him third amongst NSE-listed executives, NCBA’s boardroom was the most costly, with administrators pocketing a report KES 660.2 million ($5,126,883)— up 54.4%.

The financial institution’s KES 22 billion ($171 million) profitability was primarily pushed by investments in Treasury payments and bonds, with cautious private-sector lending nonetheless in play.

4. Gideon Muriuki, Co-operative Financial institution — KES 172.5 million ($1,339,509)

Gideon Muriuki, Co-operative Financial institution’s long-serving CEO, took dwelling KES 172.5 million in 2024, a 11.7% enhance from 2023. The lender’s profitability remained robust, reporting KES 25.4 billion ($197 million) in 2024, giving administrators a 28.1% leap in complete remuneration to KES 473.4 million ($3,676,036).

However the windfall on the prime contrasted sharply with a freeze in junior employees salaries and an ongoing push to cut back working prices by migrating companies to digital channels.

5. Kariuki Ngari, Customary Chartered Kenya — KES 174.4 million ($1,354,250)

Customary Chartered CEO Kariuki Ngari noticed one of many steepest pay raises amongst banking bosses — a 43.5% leap — after the financial institution posted KES 28.2 billion ($219 million) report earnings in 2024. His KES 174.4 million bundle stood out in a 12 months when the financial institution continued restructuring by way of attrition and digitisation.

Administrators’ compensation additionally rose 17.4% to KES 378 million ($2,935,100), reinforcing the notion that govt and boardroom rewards stay insulated from broader belt-tightening.

6. James Mwangi, Fairness Group — KES 166.3 million ($1,291,350)

James Mwangi, the long-time CEO of Fairness Financial institution, noticed his compensation rise modestly by 4.7% to KES 166.3 million. Regardless of the slower progress in its pay, Fairness stays Kenya’s second most worthwhile financial institution and a serious participant within the regional monetary sector. In 2024, Fairness reported a ten.8% enhance in web revenue to KES 46.5 billion ($361 million).

He holds a direct stake of about 3.38% within the financial institution, making him certainly one of its prime particular person shareholders, additional linking his wealth to the group’s fortunes.

7. Abdi Mohammed, Absa Financial institution Kenya — KES 109.8 million ($852,555)

Absa Financial institution Kenya CEO Abdi Mohammed earned KES 109.8 million ($852,555) in 2024, marking a considerable 39.8% enhance in pay. The financial institution noticed robust progress in each curiosity and non-interest revenue, permitting it to reward its prime brass handsomely.

On the identical time, Absa has quietly trimmed operational bills, suggesting an effectivity drive underpinning its efficiency.

8. Patrick Mweheire, Stanbic Financial institution Kenya — KES 95.5 million ($741,600)

Stanbic Financial institution CEO Patrick Mweheire earned KES 95.5 million ($741,600) in 2024, a 12.8% enhance from the 12 months earlier than. Like a lot of his friends, Mweheire presided over a 12 months of cautious lending, specializing in blue-chip purchasers and authorities securities.

The financial institution’s board additionally noticed its pay rise by 17.4%, including to an industry-wide sample of reward focus on the prime.

9. Jane Karuku, EABL — KES 83.49 million ($648,323)

EABL managing director Jane Karuku earned KES 83.49 million ($648,323) in 2024, together with her wage accounting for almost 66% of the whole. The remainder comprised bonuses and inventory choices. The brewer’s revenue grew 20% to KES 8.1 billion ($63 million), amid a difficult client surroundings.

Karuku stays one of many few ladies main a prime NSE-listed firm, underlining the enduring gender hole in Kenya’s govt suites.

10. Kihara Maina, I&M Financial institution — KES 69.3 million ($538,127)

I&M Financial institution CEO Kihara Maina was amongst solely two financial institution bosses to see a pay reduce in 2024. His compensation dropped by 9.7% to KES 69.3 million ($538,127), and the financial institution additionally trimmed board pay.

I&M reported a revenue of KES 15.3 billion ($119 million) for the 12 months, with a continued deal with high-net-worth purchasers and conservative danger administration.

11. James Mworia, Centum Funding Firm — KES 64.52 million ($501,000)

Centum CEO James Mworia obtained KES 64.52 million ($501,000) in complete compensation in 2024. Whereas modest in comparison with his friends in banking and telecoms, his pay nonetheless outpaces common Kenyan earnings by a number of orders of magnitude.

Mworia’s remuneration got here in a 12 months when Centum reported KES 812 million ($6.3 million) in web earnings, a 68% drop from 2023.

12. Nasim Devji, Diamond Belief Financial institution (DTB) — KES 62.9 million ($488,430)

Veteran DTB chief govt Nasim Devji additionally noticed a decline in her compensation — a 4.2% drop to KES 62.9 million ($488,430). DTB’s technique centered on regional integration, conservative lending, and price controls. Regardless of her longstanding tenure and affect within the sector, Devji’s pay remained among the many lowest within the prime tier of Kenya’s banking elite. The financial institution reported a web revenue of KES 7.64 billion ($59 million).

Mark your calendars! Moonshot by TechCabal is again in Lagos on October 15–16! Be part of Africa’s prime founders, creatives & tech leaders for two days of keynotes, mixers & future-forward concepts. Early hen tickets now 20% off—don’t snooze! moonshot.techcabal.com