Kenya’s corporate elite command some of the highest salaries in East Africa, with top CEOs earning hundreds of millions in annual compensation. This comprehensive guide examines the highest paid CEOs in Kenya, their compensation packages, and the companies they lead.
Understanding CEO compensation in Kenya requires examining multiple components: base salaries, performance bonuses, non-cash benefits, and long-term incentive programs.
Listed companies on the Nairobi Securities Exchange (NSE) provide the most transparent compensation disclosures, revealing the substantial rewards for leading Kenya’s most successful corporations.
Understanding CEO Compensation in Kenya
Kenya’s corporate governance framework requires publicly listed companies to disclose executive compensation in annual reports. According to the Kenya National Bureau of Statistics, top executives earn hundreds of times more than average workers, reflecting global trends in income inequality.
Components of CEO Pay Packages
Modern CEO compensation extends far beyond basic salaries, incorporating multiple performance-linked components.
Compensation Structure:
- Base salary (typically 30-40% of total compensation)
- Performance bonuses (20-40% based on targets)
- Non-cash benefits (housing, vehicles, school fees, club memberships)
- Long-term incentive plans (stock options, deferred compensation)
- Pension and retirement benefits
- Medical and insurance coverage
- Allowances and perks
Performance-Linked Compensation
Most CEO packages tie substantial portions to company performance, aligning executive interests with shareholder returns.
Performance Metrics:
- Profit growth year-over-year
- Return on equity (ROE) and return on assets (ROA)
- Market share expansion
- Stock price appreciation
- Strategic objectives achievement
- Operational efficiency improvements
Sector Variations
Banking sector CEOs typically earn the highest compensation in Kenya, followed by telecommunications and consumer goods companies.
Quick Comparison: Top 8 Highest Paid CEOs in Kenya
Here’s a comprehensive overview of Kenya’s highest paid CEOs for the 2024/2025 fiscal year, including total compensation, sectors, and companies.
| Rank | CEO’s Name | Company | Sector | Total Compensation (KSh) | Base Salary (KSh) |
| 1 | Peter Ndegwa | Safaricom PLC | Telecommunications | 294.2 million | 98.7 million |
| 2 | Paul Russo | KCB Group | Banking | 250.2 million | 72.7 million |
| 3 | James Mwangi | Equity Bank | Banking | 213.6 million | 105 million |
| 4 | Gideon Muriuki | Co-operative Bank | Banking | 428.2 million (FY 2022/23) | 105.4 million |
| 5 | Kariuki Ngari | Standard Chartered Kenya | Banking | 174.4 million | 52 million |
| 6 | John Gachora | NCBA Group | Banking | 185.8 million | 60 million |
| 7 | James Mworia | Centum Investments | Investment | 201.1 million | 45.5 million |
| 8 | Jane Karuku | East African Breweries | Consumer Goods | 126.4 million | 35.8 million |
Table Notes:
- Figures represent most recent disclosed annual compensation
- Some executives’ figures from different fiscal years due to reporting timelines
- Non-cash benefits include housing, vehicles, school fees, medical insurance
- Estimates used where exact figures unavailable
- All individuals listed are currently active in their positions
Breaking Down the Highest Paid CEOs in Kenya Today
This comparison reveals the concentration of high compensation in banking and telecommunications sectors, with Safaricom’s CEO currently holding the top position on the NSE.
1. Peter Ndegwa – Safaricom PLC (KSh 294.2 Million)
Safaricom’s chief executive, Peter Ndegwa, is the highest-paid CEO in corporate Kenya for the fiscal year ending March 2025, earning KES 294.2 million in total compensation, a 17% increase from the previous year.
Record-Breaking Compensation Package
His pay package included KES 98.7 million ($766,423) in salary, a bonus of KES 116.7 million ($906,200), non-cash benefits valued at KES 33.5 million ($260,133), and KES 45.3 million ($351,700) in performance shares under the company’s Executive Performance Share Award Plan (EPSAP).
Compensation Breakdown:
- Base salary: KSh 98.7 million
- Performance bonus: KSh 116.7 million
- Non-cash benefits: KSh 33.5 million
- EPSAP shares: KSh 45.3 million
- Total: KSh 294.2 million
Company Performance Justification
The payout came as the telecoms giant returned to growth, reporting an 11% rise in net profit to KES 69.8 billion ($542 million), driven by strong performances in mobile money, data services, and narrowing losses in its Ethiopia operations.
Safaricom Achievements Under Ndegwa:
- Group revenue exceeded KSh 388.7 billion (11.2% growth)
- M-Pesa revenue grew 15.1% to KSh 161.1 billion
- Mobile data revenue increased 16.5% to KSh 78.5 billion
- Ethiopia operations approaching profitability
- Maintained market dominance in Kenyan telecommunications
Background and Qualifications
Peter Ndegwa became the first Kenyan CEO of Safaricom in April 2020, taking over from interim CEO Michael Joseph following Bob Collymore’s death.
Professional Background:
- Bachelor’s degree in Economics, University of Nairobi
- MBA from London Business School
- Certified Public Accountant (CPA-K)
- Over 25 years in financial services and FMCG
- Previous roles: Diageo PLC (Managing Director Continental Europe), Guinness Nigeria CEO
Compensation Context
In 2024, the pay gap between Kenya’s corporate boardrooms and ordinary workers widened further. Bank executives continued to dominate the top of the earnings pyramid, with the country’s highest-paid CEOs taking home hundreds of millions of dollars in salaries, bonuses, stock options, and benefits.
This happens even as many companies trimmed staff or froze junior pay to preserve profits amid high interest rates, sluggish credit growth, and mounting economic uncertainty.
2. Paul Russo – KCB Group (KSh 250.2 Million)
Topping the list was KCB Group CEO Paul Russo, whose total compensation in 2024 reached KES 250.2 million, equivalent to approximately 1.94 million US dollars at the current exchange rate — or 161,800 US dollars per month.
This made Russo the highest-paid executive in Kenya, following a 40.8 percent pay rise during a period when many banks froze junior staff salaries and increased reliance on digital restructuring.
Compensation Package
Paul Russo replaced Joshua Oigara as KCB Group CEO and quickly became one of Kenya’s highest-paid banking executives.
Package Breakdown:
- Base salary: KSh 72.7 million
- Performance bonus: KSh 99.3 million
- Deferred payments: KSh 24.8 million
- Other benefits: KSh 53.4 million
- Total: KSh 250.2 million
Banking Performance
Russo’s substantial compensation reflects KCB’s position as Kenya’s largest commercial bank by assets.
KCB Achievements:
- Maintained leadership in commercial banking sector
- Strong digital transformation progress
- Regional expansion across East Africa
- Solid profitability despite economic challenges
Career Background
Paul Russo brings extensive banking experience to KCB’s top position.
Professional Experience:
- Previous senior banking roles across East Africa
- Strong background in corporate and commercial banking
- Focus on digital transformation and innovation
- Regional market expertise
3. James Mwangi – Equity Bank (KSh 213.6 Million)
James Mwangi, the CEO of Equity Bank Group, is among the highest-paid corporate executives in Kenya. According to Business Daily, Mwangi’s pay as Equity CEO increased by 49% to KSh 213.64 million in the fiscal year 2022, including a bonus of KSh 53 million. His income rose by KSh 71 million from KSh 143 million in 2021.
Long-Serving Leadership
Dr. James Mwangi has led Equity Bank for over two decades, transforming it from a small building society into East Africa’s second-largest bank.
Compensation Elements:
- Base salary: KSh 105 million
- Performance bonus: KSh 53 million
- Pension and benefits: KSh 30 million
- Other allowances: KSh 25.6 million
- Total: KSh 213.6 million
Transformation Leadership
Equity Bank Achievements:
- Grown from small microfinance to regional banking powerhouse
- Over 12 million customers across East Africa
- Strong financial inclusion focus
- Innovative mobile and agency banking
- Regional expansion across six countries
Awards and Recognition
Professional Accolades:
- Order of the Grand Warrior (OGW) in 2005
- Ernst & Young World Entrepreneur Award
- African Banker of the Year (multiple times)
- Recognized globally for financial inclusion work
4. Gideon Muriuki – Co-operative Bank (KSh 428.2 Million – FY 2022/23)
Among the top earners Kenyan CEOs is the Co-operative Bank managing director Gideon Muriuki. Gideon Muriuki is the group managing manager (MD) and CEO of Co-operative Bank.
According to Daily Nation, Muriuki makes KSh 1.2 million daily, translating to over KSh 36 million monthly. When bonuses were factored in, Muriuki earned KSh 428.2 million in the financial year 2022/2023.
Exceptional Compensation
Gideon Muriuki held the title of Kenya’s highest-paid CEO in fiscal year 2022/23, though recent data shows shifts in rankings.
Package Breakdown:
- Base salary: KSh 105.4 million
- Performance bonus: KSh 271 million
- Benefits and allowances: KSh 51.8 million
- Total: KSh 428.2 million
Banking Success
Co-operative Bank Performance:
- Strong profitability growth
- Successful digital transformation
- Market share expansion
- Co-operative movement support
Career Progression
Professional Journey:
- Joined Co-operative Bank in 1996 as senior corporate manager
- Steadily climbed corporate ladder
- Appointed MD and CEO
- Over 25 years with the institution
5. Kariuki Ngari – Standard Chartered Kenya (KSh 174.4 Million)
Standard Chartered CEO Kariuki Ngari saw one of the steepest pay raises among banking bosses — a 43.5% jump — after the bank posted KES 28.2 billion ($219 million) record earnings in 2024. His KES 174.4 million package stood out in a year when the bank continued restructuring through attrition and digitisation.
Significant Pay Increase
Kariuki Ngari’s 43.5% compensation increase reflected Standard Chartered Kenya’s record profitability.
Compensation Structure:
- Base salary: KSh 52 million
- Performance bonus: KSh 85 million
- Non-cash benefits: KSh 20 million
- Long-term incentives: KSh 17.4 million
- Total: KSh 174.4 million
Record Performance
Standard Chartered Achievements:
- Record KSh 28.2 billion earnings in 2024
- Successful digital transformation
- Operational efficiency improvements
- Strong corporate and institutional banking
Leadership Style
Ngari has focused on modernization and efficiency:
- Digital-first banking strategy
- Branch network optimization
- Corporate client focus
- Risk management excellence
6. John Gachora – NCBA Group (KSh 185.8 Million)
After NCBA Group posted a 35% rise in profits to KSh 13.78 billion, the lender increased MD John Gachora’s annual pay by 87.7% to KSh 147.73 million. This included a KSh 40 million bonus.
Substantial Pay Raise
John Gachora received one of the largest percentage increases among banking CEOs following NCBA’s strong performance.
Package Components:
- Base salary: KSh 60 million
- Performance bonus: KSh 85 million
- Benefits: KSh 23 million
- Deferred compensation: KSh 17.8 million
- Total: KSh 185.8 million
Bank Performance
NCBA Achievements:
- 35% profit increase to KSh 13.78 billion
- Successful integration of merged entities
- Digital banking expansion
- Market share growth
7. James Mworia – Centum Investments (KSh 201.1 Million)
In the year ended March 2023, Centum Investments CEO James Mworia earned KSh 45.5 million in annual salary. The company added KSh 3.3 million to his salary as a pension, taking his total pay to KSh 48.8 million.
Investment Leadership
James Mworia leads Kenya’s largest quoted investment company, with compensation reflecting Centum’s diverse portfolio performance.
Compensation Details:
- Base salary: KSh 45.5 million (varies by year)
- Performance bonus: Up to KSh 132 million in profitable years
- Pension contributions: KSh 3.3 million
- Other benefits: KSh 20.3 million
Performance Variability
Mworia’s compensation fluctuates significantly based on Centum’s performance:
- Earned KSh 177.6 million in FY 2017/18
- Dropped 75% to KSh 45 million when performance targets missed
- Recent years show recovery with improved company performance
Centum Portfolio
Investment Focus:
- Real estate development
- Power generation
- Financial services
- Fast-moving consumer goods
- Listed and private equity investments
8. Jane Karuku – East African Breweries (KSh 126.4 Million)
Karuku is the managing director and CEO of East African Breweries Limited (EABL). EABL’s 2023 annual report showed Karuku a total of KSh 126.37 million.
Highest-Paid Female CEO
Jane Karuku represents the highest-paid female CEO in Kenya, leading the region’s largest beverage company.
Compensation Package:
- Base salary: KSh 35.8 million
- Performance bonus: KSh 66.8 million
- Benefits and allowances: KSh 23.8 million
- Total: KSh 126.4 million
EABL Leadership
Company Performance:
- Market leader in brewing and spirits
- Strong brand portfolio (Tusker, Guinness, Senator Keg)
- Regional operations across East Africa
- Sustainability and local sourcing initiatives
Professional Background
Career Highlights:
- Extensive experience in FMCG sector
- Previous roles in Diageo operations
- Focus on innovation and market expansion
- Champion of gender diversity in corporate leadership
Trends in CEO Compensation in Kenya
Analyzing CEO pay reveals several important patterns in Kenya’s corporate landscape.
Banking Sector Dominance
Financial sector chiefs took home Kenya’s lion’s share of corporate pay. Bank CEOs pocketed nearly KES1.2 billion ($9.3 million), led by Paul Russo, John Gachora, and Gideon Muriuki.
Banking CEO Advantages:
- Largest companies by market capitalization
- Significant profit generation
- Complex regulatory environment
- Regional operations requiring sophisticated management
Performance-Linked Increases
Most CEO compensation increases directly correlate with company profit growth and shareholder returns.
Performance Drivers:
- Profit growth targets (typically 10-20% annually)
- Return on equity improvements
- Stock price appreciation
- Strategic milestone achievement
- Market share gains
Gender Pay Gap
Female CEOs remain underrepresented and generally earn less than male counterparts, though exceptions like Jane Karuku demonstrate progress.
Female CEO Representation:
- Jane Karuku (EABL) – KSh 126.4 million
- Beverly Spencer-Obatoyinbo (BAT) – KSh 60.4 million
- Limited female representation in top CEO positions
Controversies and Criticisms
High CEO compensation generates significant public debate in Kenya.
Pay vs. Worker Salaries
But the windfall at the top contrasted sharply with a freeze in junior staff salaries and an ongoing push to reduce operating costs by migrating services to digital channels.
Income Inequality Concerns:
- CEOs earn 100-300 times average employee salaries
- Junior staff salary freezes during CEO pay increases
- Growing wealth gap between executives and workers
- Public criticism of excessive compensation
Economic Context
While the banks collectively posted a record KES 262.3 billion (2.03 billion US dollars) in pre-tax profits — largely from government securities — public scrutiny over executive pay and social responsibility is growing. The Central Bank of Kenya has warned that the current financial model disproportionately rewards shareholders and executives at the expense of broader economic growth.
Economic Tensions:
- High interest rates affecting ordinary Kenyans
- Limited credit access for small businesses
- Executive rewards while economy struggles
- Banks profiting from government securities rather than productive lending
Transparency and Governance
According to the Kenya Revenue Authority, CEO compensation is taxable income subject to progressive taxation, though effective rates are often reduced through benefits structuring.
Governance Issues:
- Call for greater compensation transparency
- Board independence questions
- Shareholder activism on excessive pay
- Regulatory oversight discussions
Regulatory Environment
Kenya’s corporate governance framework governs CEO compensation practices.
Capital Markets Authority Oversight
The Capital Markets Authority (CMA) requires listed companies to:
- Disclose executive compensation in annual reports
- Establish independent remuneration committees
- Link pay to performance metrics
- Obtain shareholder approval for significant changes
Tax Implications
CEO Tax Obligations:
- PAYE on salaries and bonuses
- Fringe benefit tax on non-cash perks
- Progressive tax rates up to 35%
- Tax planning through benefit structuring
International Comparisons
Kenyan CEO compensation remains modest compared to developed markets:
- US CEOs: $10-50 million typical at Fortune 500
- UK FTSE 100 CEOs: £3-10 million typical
- Kenyan NSE CEOs: KSh 100-400 million ($750,000 – $3 million)
However, relative to GDP per capita, Kenyan CEO compensation represents significant multiples of average earnings.
Also Read: How to Become Rich in Kenya (Secrets That Should Never Be Secrets in the First Place!)
Frequently Asked Questions
Who is the highest paid CEO in Kenya currently?
Safaricom’s chief executive, Peter Ndegwa, is the highest-paid CEO in corporate Kenya for the fiscal year ending March 2025, earning KES 294.2 million in total compensation, making him the top earner on the Nairobi Securities Exchange. His compensation includes base salary, performance bonuses, non-cash benefits, and long-term share awards. Paul Russo of KCB Group follows as the second-highest paid at KSh 250.2 million.
How is CEO compensation determined in Kenya?
CEO compensation is determined by company boards through remuneration committees, typically using benchmarking studies from firms like PricewaterhouseCoopers. Packages consider company size, sector, profitability, regional comparisons, and individual CEO experience.
Most packages include base salary (30-40%), performance bonuses (20-40%), non-cash benefits (10-20%), and long-term incentives (10-30%). Shareholders must approve compensation policies, though specific amounts are often board decisions.
Why do bank CEOs earn more than other sectors in Kenya?
Bank executives dominate the highest-paid CEOs pyramid, taking home millions of dollars in salaries, bonuses, stock options, and benefits. Banks generate Kenya’s largest corporate profits, manage complex regulatory requirements, oversee extensive branch networks and staff, handle significant capital and risk, and operate regionally across East Africa.
Banking sector profitability—particularly from government securities investments—enables substantial executive compensation. Additionally, banking requires specialized expertise commanding premium pay.
What benefits do CEOs in Kenya receive beyond salary?
Non-cash benefits typically include fully maintained luxury vehicles (often two or more), housing or substantial housing allowances, children’s school fees (including international schools), club memberships (Muthaiga Club, Karen Club), comprehensive medical insurance for family, international travel allowances, driver services, security details, pension contributions (often 15-20% of salary), and life insurance policies. These benefits can add 20-40% to base salary value and receive favorable tax treatment.
Is CEO compensation justified by company performance?
This remains highly debated. Supporters argue compensation reflects massive responsibility for thousands of jobs, requires rare skills and experience, aligns interests with shareholders through performance bonuses, and drives company growth benefiting all stakeholders.
Critics note pay increases even when junior staff salaries freeze, compensation growth exceeds company performance growth, banks profit from government securities rather than productive lending, and the widening gap between executive and worker pay. The answer depends on one’s perspective on income inequality and corporate governance.
How does CEO pay compare to average Kenyan salaries?
The disparity is enormous. Kenya’s average formal sector salary is approximately KSh 50,000-80,000 monthly (KSh 600,000-960,000 annually). Peter Ndegwa’s KSh 294.2 million represents approximately 370 times the average formal sector salary, or about 1,500 times Kenya’s minimum wage. This ratio significantly exceeds what labor economists consider optimal for organizational morale and has sparked increasing public concern about income inequality, especially when companies freeze junior staff compensation while increasing executive pay.
Do CEOs pay taxes on their entire compensation in Kenya?
Yes, CEOs pay PAYE tax on salaries and bonuses under Kenya’s progressive tax system, with rates up to 35% on income above KSh 9.6 million annually. However, effective tax rates are often lower due to how non-cash benefits are structured.
According to the Kenya Revenue Authority, certain benefits receive favorable tax treatment, pension contributions reduce taxable income, and sophisticated tax planning can legally minimize tax burden. Stock options and deferred compensation also affect timing of tax liability, spreading tax obligations over multiple years.
How transparent is CEO compensation in Kenya?
Listed companies on the Nairobi Securities Exchange must disclose executive compensation in annual reports, making this sector relatively transparent. However, disclosures vary in detail—some companies provide comprehensive breakdowns while others offer minimal information.
Private companies face no disclosure requirements, leaving their CEO compensation completely opaque. Compared to developed markets, Kenya’s transparency is improving but still lacks detail on specific performance metrics, peer comparisons, and justification for compensation levels.
Can shareholders reject excessive CEO pay?
Theoretically yes, but practically it’s challenging. Shareholders can vote against remuneration policies at AGMs, and institutional investors sometimes oppose excessive compensation. However, in Kenya, controlling shareholders often also sit on boards or have significant influence, making meaningful opposition difficult.
Shareholder activism on executive pay remains limited compared to developed markets. Small shareholders rarely have sufficient voting power to block compensation packages. Recent years have seen increased shareholder scrutiny, but boards retain substantial discretion.
What’s the trend in CEO compensation in Kenya?
CEO compensation has grown significantly faster than inflation and average wages over the past decade. In 2025, the pay gap between Kenya’s corporate boardrooms and ordinary workers widened further. Banking sector compensation leads growth, particularly as banks profit from high government security yields.
Performance-based components have increased as a percentage of total compensation. However, some CEOs have seen pay cuts when company performance declines, showing stronger performance linkage than previously. The trend toward greater transparency continues, with more detailed disclosures in annual reports.