Joshua Oigara is paid an incredible Sh. 299.1 million salary per year as the chief executive officer by the Kenya Commercial Bank (KCB). This heavy duty pay includes his basic salary, allowances and bonuses. In the latest financial results by the bank, Oigara earned a bonus of Sh. 145.3 million. He was also paid deferred compensation of Sh. 48.4 million as bonus last year and a gratuity of Sh. 21.6 million.
Joshua Oigara’s salary has placed him in the set of the best paid chief executive officers in the country.
Last year, Oigara’s salary annual pay stood at Sh. 273 million. His basic salary was Sh. 72 million.
During the year, KCB paid Mr. Oigara as follows:
1). Salary : Sh. 72 million
2). Deferred compensation: Sh. 48.4 million
3). Gratuity: Sh. 21.6 million
4). Bonus: Sh. 145.3 million
This salary means that Oigara earns Sh. S24.9 million per month.
In the 2018 financial year 2017, Joshua Oigara was paid Sh. 256 million. The 2018 pay meant that Mr. Oigara earned nearly Sh. 1 million for each working day and was 72.1 times the average Sh. 3.5 million paid to KCB’s 5,393 permanent employees.
In setting this salary, KCB factored in the achievement of its key financial goals. For example, KCB’s net profit for the full-year to December 2019 grew by 4.8 percent to Sh. 25.1 billion from Sh. 23.99 billion the previous year .
According to the bank’s CEO Joshua Oigara, the improved profitability was boosted by growth in interest income from the consolidated book with the National Bank whose shareholders’ buyout was completed this week. The man is earning a salary that can pay all other employees in the bank for a whole year.
During the financial year, KCB’s assets stood at Sh. 898.5 billion a growth from from Sh. 714.3 billion. Net interest income expanded by 14.9 percent to Sh. 56.1 billion last from Sh. 48.8 billion the previous year. The bank’s loan book grew by 17.4 per cent to Sh. 535.3 billion from Sh. 455.8 billion.
Kenya Commercial bank has always been under the spotlight for aiding money laundering within the country and even South Sudan as detailed by the Sentry report.
KCB was recently under fire after being accused of aiding South Sudanese warlords launder their stolen money. The bank had also been previously accused of helping the NYS scandal preparators launder their loot. It’s just offensive acts going on inside the bank.
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