KCB Bank Group MD’s pay of sh299 million in the year 2019 was the subject of discussions on social media circles earlier this week.
The Business Daily has carried a story that Joshua Oigara has earned a total of sh299 million in a year that the bank reported a record net profit of Sh 25.2 billion.
It was reported that Mr Oigara’s compensation increased by 9.6 percent or the equivalent of Sh26.2 million from Sh272.9 in the previous year on the back of a higher salary of Sh72 million that went up 5.9 percent from Sh68 million in 2018.
Mr Oigara, 45, whose renewable term of five years ends in 2023, was also paid deferred compensation of Sh48.4 million as bonus last year and a gratuity of Sh21.6 million.
On social media, the breakdown, per second, minute, day and month, of that Sh299 million salary brought uproar.
“KCB Group CEO Joshua Oigara @JoshuaOigara Earned KSh 299 Million Annual Pay in 2019. Here is the breakdown; Ksh. 24,916,666 per month Ksh. 819,178 per day Ksh 34,132 per hour Ksh. 568 per minute Ksh. 9 per second! Ksh. 0.000009 per microsecond”, a Twitter account, CISNyakundi, a fan account for blogger by the same name tweeted.
The tweet elicited mixed reactions with many pointing to the huge salary gap between the top managers and lower staff at the bank.
In 2018, a payslip by a KCB Bank Group staff was leaked on social media and many wondered how such a thing would happen. Someone remarked with shock that it is not worthy to wake up everyday going to town for such a salary.
“Sa mbona uamke daily for such a pay.. Hii pesa unaweza make ukiwa kwa hao”, (why would anyone leave their house daily for such a salary?) El Coco (@arnoldonyi) said.
Kenyans were simply attraged, in 2018 Oigara has made home with Sh 273 million.
The KCB Group Board has in the past attracted criticism over its lack of strong stand on proper corporate governance.
KCB top management has been accused ot colluding with South Sudanese warlords in the Sentry Report aiding and abbeting money laundering.
At home, for the regional bank, Kenyans have pointed fingers at Joshua Oigara for being a friend to both the Deputy President and Uhuru Kenyatta, thus his conduct has been safe so far in terms of vetting even by the Central Bank of Kenya.
With a tenure that has been tainted by numerous scandals, Oigara has always got a soft landing when it comes to governance misconduct at KCB Bank Group.
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