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Fact Check: How much do these CEOs really earn?

FACT CHECK
By Fredrick Obura | January 22nd 2021

A couple of weeks ago, there was a graphic circulating that showed the alleged monthly salaries of the top ten highest paid chief executive officers in Kenya. The source was Wanjiku Reports

As expected, the ranking raised eyebrows and generated a heated debate online. On the list was Kenya Airways CEO Allan Kivaluka, a company that has been going through financial hardships coupled by the effects of Covid-19.

Listed companies

The 10 CEOs of the companies listed by Wanjiku Reports are all listed at the Nairobi Securities Exchange. They include: Gideon Muriuki (Cooperative Bank), Joshua Oigara (KCB Group), Peter Ndegwa (Safaricom), Allan Kilavuka (Kenya Airways), Jeremy Awori (ABSA), John Gachora (NCBA), Jane Karuku (EABL), Benson Wairegi (Britam), James Mwangi (Equity) and James Mworia (Centum).

The Wanjiku Report puts Gideon Muriuki as the most paid Chief Executive Officer with a monthly salary of Sh31.37 million followed by Joshua Oigara at Sh22.75 million. Peter Ndegwa of Safaricom, Allan Kilavuka, and Jeremy Awori placed at number 3, 4, and 5 with monthly salaries of Sh9 million, Sh8.50million, and Sh8.43 million respectively.

John Gachora, Jane Kariuki, Benson Wairegi, James Mwangi, and Centum’s James Mworia the report says earn Sh8 million, Sh7.50 million, Sh6.80 million, Sh5.4 million, and Sh3.72 million respectively.

Standard Digital did a fact check on the salary report.

Kenyan currency of Sh1000 notes (PHOTO: FILE)

Though the report failed to state the period of the incomes, a look at their financial reports paints a different picture. 

By law, public listed companies are expected to public their financial results. Among the things listed are directors’ remuneration. 

A look at the 2019 fiilling shows Gideon Muriuki of Cooperative Bank earned Sh8.9 million and not the Sh31.37 million monthly salary claimed by the Wanjiku Report.

In 2019, the KCB Group CEO Oigara pocketed Sh6 million below the social media report of Sh22.75 million per month figure.

The late Safaricom CEO Collymore earned Sh8 million per month which is Sh1 million less what appears on Wanjiku Reports.

Former KQ CEO Sebastian Mikosz earned Sh 3.3 million per month according to KQ’s 2019 AGM report compared to Absa CEO Awori’s Sh5.8 million. The Wanjiku Report claimed Awori earned Sh 8.43 million per month.

From the NCBA, EABL, Equity, and Centum 2019 financial reports, their CEOs earned monthly salaries of Sh5.3 million, Sh 3.3 million, Sh4.7 million, and Sh 3.5 million respectively.

The Wanjiku Report however placed NCBA, EABL, Equity, and Centum top executive salaries at Sh8 million, Sh7.50 million, Sh 5.04 million and Sh3.72 million respectively.

Over the same period, the outgoing Britam CEO earned Sh5.4 million and not Sh6.8 million as reported in the Wanjiku Report

From our fact-check we can confirm that the figures by Wanjiku Report were not accurate. 

 

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