In 2024, Kenya’s highest-paid CEOs once again underscored the widening gap between corporate boardrooms and the average worker. Executive pay packages at the Nairobi Securities Exchange (NSE) continued to soar, even as companies tightened budgets for lower-tier employees amid rising interest rates, a sluggish economy, and global uncertainty. An analysis by TechCabal of the top 12 NSE-listed company executives reveals a consistent trend: Kenya’s banking sector and Safaricom continue to dominate corporate compensation, with CEOs taking home millions in salaries, bonuses, and performance shares.
At the top of the list is Peter Ndegwa of Safaricom, who earned KES 294.2 million ($2.28 million) in 2024, marking a 17% pay rise from the previous year. His package included salary, bonuses, and non-cash benefits, as well as performance shares under Safaricom’s Executive Performance Share Award Plan (EPSAP). The increase reflected Safaricom’s robust return to growth, with profits rising 11% to KES 69.8 billion ($542 million) thanks to strong mobile money and data service revenues. The company’s expansion into Ethiopia is also beginning to yield positive returns, reinforcing its position as East Africa’s most profitable firm.
Paul Russo of KCB Group followed closely with KES 250.2 million ($1.94 million) in total pay, representing a 40.8% increase. His compensation came during a record profit year for KCB, which reported KES 60 billion ($466 million), largely earned from government securities rather than private-sector lending. Despite the profits, KCB reduced directors’ pay by 20% to align with operational efficiency goals. Russo’s performance reflects the bank’s strong capital base and resilience amid Kenya’s high-interest lending environment.
John Gachora of NCBA Group took home KES 208.4 million ($1.6 million), placing him third. His pay rose by 25.7%, while NCBA directors’ collective earnings surged by over 50%, hitting KES 660.2 million ($5.12 million). The bank’s KES 22 billion ($171 million) profit was primarily driven by investments in Treasury securities, further highlighting the financial sector’s dependence on government instruments.
Gideon Muriuki, the long-serving CEO of Co-operative Bank, received KES 172.5 million ($1.33 million), up 11.7% from the previous year. The bank’s profits stood at KES 25.4 billion ($197 million), with a growing shift toward digital transformation and cost management. Muriuki’s leadership continues to solidify Co-op Bank’s position as a community-driven financial powerhouse, though staff pay stagnation remains a growing concern.
Kariuki Ngari of Standard Chartered Kenya earned KES 174.4 million ($1.35 million) after a 43.5% raise following a stellar performance year for the lender. The bank’s profits hit KES 28.2 billion ($219 million), driven by operational streamlining and digital adoption. Despite the strong results, restructuring measures continued, indicating a shift toward a leaner, tech-led workforce.
James Mwangi of Equity Group remains one of Kenya’s most influential executives. His 2024 compensation stood at KES 166.3 million ($1.29 million), up 4.7%. Equity Bank recorded a 10.8% increase in profit to KES 46.5 billion ($361 million), driven by regional growth and digital banking. Mwangi’s 3.38% ownership stake in Equity further cements his position as one of the wealthiest corporate figures in East Africa.
Abdi Mohammed of Absa Bank Kenya earned KES 109.8 million ($852,555), a notable 39.8% rise attributed to strong income growth and effective expense management. The bank’s profitability was bolstered by higher interest income and operational efficiencies, reflecting its successful rebranding and technological transformation since the Barclays transition.
Patrick Mweheire of Stanbic Bank Kenya took home KES 95.5 million ($741,600) in 2024, an increase of 12.8%. The bank focused on conservative lending and strong returns from government investments, mirroring the trend across Kenya’s top banks. Board compensation also climbed, adding to concerns about income concentration at the top.
Jane Karuku, Managing Director of East African Breweries Limited (EABL), remains one of the few women in Kenya’s corporate elite. Her compensation totaled KES 83.49 million ($648,323) in 2024, up from the previous year. EABL recorded a 20% profit rise to KES 8.1 billion ($63 million), with Karuku’s leadership credited for steadying the company amid a volatile consumer market. Her success story continues to highlight the slow progress of gender diversity in Kenyan boardrooms.
At I&M Bank, Kihara Maina earned KES 69.3 million ($538,127) after a 9.7% pay cut, one of only two bank executives to experience a decline. The reduction came as part of broader cost-control efforts, although the bank still reported KES 15.3 billion ($119 million) in profit.
James Mworia of Centum Investment Company followed with KES 64.52 million ($501,000), reflecting stable but modest remuneration amid a 68% profit decline to KES 812 million ($6.3 million). Mworia’s compensation, while smaller than his banking peers, remains significant given the challenging investment climate.
Finally, Nasim Devji of Diamond Trust Bank (DTB) earned KES 62.9 million ($488,430) in 2024, representing a 4.2% decline. DTB reported a KES 7.64 billion ($59 million) profit while maintaining strict cost controls and conservative regional lending. As one of Kenya’s longest-serving female CEOs, Devji remains a symbol of consistency in the financial sector.
The 2024 pay analysis underscores an uncomfortable reality: executive compensation continues to outpace economic growth and remains disconnected from the wage stagnation experienced by most Kenyan workers. Even as inflation pressures households and small businesses, Kenya’s top executives are earning record sums. Yet, their companies’ strong profits, stable governance, and market resilience make them vital players in the country’s economic framework.
The dominance of banks and telecoms in corporate Kenya also raises broader questions about equity and productivity. As Kenya’s highest-paid CEOs continue to define the country’s corporate landscape, the challenge ahead lies in ensuring that such success stories translate into shared prosperity and inclusive growth.
