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Kenya Commercial Bank CEO Joshua Oigara declares his wealth worth Sh220m

By Paul Wafula | December 10th 2015

Kenya Commercial Bank boss Joshua Oigara is the second chief executive to now declare his wealth. 

A day after Safaricom CEO declared his wealth; the KCB CEO Mr. Oigara said his net worth is currently Sh220 million, made up of total assets of Sh350 million and loan obligations of Sh130 million.

His monthly salary and allowances total Sh4.9 million. He says the assets are in the form of land, buildings, motor vehicle, cash bank balances and shares.

“My public declaration is driven by the need for us as private sector players to initiate greater transparency. Kenya is bleeding from corruption mainly driven by secrecy in organizational operations. Corruption takes away equal opportunity and hurts growth by consuming funds which could otherwise have gone into social and economic projects like health and education,” said Mr. Oigara in a statement.

“We need to push for a drastic cultural shift to bring up a generation that believes in hard work. One that is devoid of taking shortcuts to get access to services. One that believes that they don’t have to pay bribes to get access to schools, job internships, promotions and work placements. One where SMEs and other businesses do not have to bribe to get tenders in corporations and government agencies,” he added.

Oigara has a working experience of more than 18 years in different companies and capacities.

“I started off as a teacher in my rural village, earning Sh5, 000 a month. I have grown to be the CEO of East Africa’s leading bank with annual revenue of Sh60 billion. Over time, that has allowed me to acquire what I have.”

Safaricom boss Bob Collymore on Wednesday set the ball rolling when he revealed that he is paid an average of Sh10 million per month and that he has net assets of $2.7 million (Sh277.3 million), largely in the form of bank deposits and a house in London, UK.

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