Kenya’s highest paid CEO earns Sh1 million per day

Everyone wants to earn lots of money, yet not many get the chance. The select few who are lucky or work hard enough to deserve seven-figure salaries often prefer it to remain a secret. That’s why when Business Daily unzipped his wallet for all to see yesterday, Centum CEO James Mworia’s first instinct was to deny and trash the figures.

According to the Business Daily report, the young CEO, in his thirties, earned Ksh375.6 million – yes Ksh375.6 million, or Ksh1 million per day – in the year ended March 2017, a surprising 87 per cent increase from Sh201.1 million the year before. In total, Mr Mworia has earned nearly Sh1 billion for the last eight years.

The new pay strengthened his position as Kenya’s highest-paid CEO, which is equivalent to Ksh31.3 million per month, according to disclosures in the company’s latest annual report quoted by BD, way above Safaricom CEO Bob Collymore’s Ksh10 million.

READ: List of highest paid Kenyan CEOs

But Mr Mworia, in several tweets yesterday, dismissed the Business Daily article.  Mworia, through his Twitter handle, termed the figures as sensational and inaccurate, explaining that the remuneration was for the entire management team. Business Daily has defended the accuracy of its article with the backing of Centum’s financial reports and disclosures.

Business Daily: Why we stand by our story on Centum CEO pay

The Centum Investment CEO James Mworia, in several tweets Wednesday, challenged the accuracy of our story headlined: “Centum CEO sets new record with Sh375.6m CEO pay.”

We indicated, in our response to the tweets, that we stand by our story which is based on the company’s disclosures in its latest annual report.

Here are the reasons why we stand by the story:

Their annual report tabulates key management compensation, which includes pay for executive directors and senior management. This was given as Sh614.9 million and Sh711.5 million for the years 2017 and 2016 respectively, at the group level.

SEE ALSO: How to get a high-paying job without going back to class

There is additional disclosure of the management team remuneration, now narrowed down to those who are executive directors. This is given as Ksh375.6 million and Ksh201.1 million for the years 2017 and 2016 respectively, again, at the group level.

Page 231 of the Centum annual report note 12.1 iii).

Mr Mworia is the only executive director at the group level at Centum, and the amounts above are attributable to him alone going by the presentation in the annual report.

“The board has only one executive director to prevent conflicting roles between the Management and the Board of Directors,” Centum says in its 2017 annual report.

SEE: Meet Chris Kirubi the billionaire farmer

Centum chairman Chris Kirubi has said repeatedly that he believes in rewarding his young managers as long as they deliver. While it may not come as a surprise to Kirubi and his board, it has shaken corporate Kenya, where many CEOs earn below Ksh5 million per month.

Latest

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

In Race for African Leadership Award, Ruto Faces Tough Opposition

Among the contenders of the prestigious African of the Year award is Kenya’s President William Ruto, who will be battling it out with President Hakainde Hichilema of Zambia and Prof. Benedict Okey Oramah, President of Afrexim Bank.

Transforming Financial Inclusion: The Impact of M-Pesa in Kenya and Beyond 

Discover the profound impact of M-Pesa on financial inclusion in Kenya and beyond. Explore how this innovative mobile service revolutionizes transactions and shapes the future of finance globally.

All You Need To Know About Vaping

Vaping, the act of inhaling vapour produced by an...

Follow Us

Newsletter

Don't miss

Safaricom To Power Tusker OktobaFest Beer Festival

Safaricom’s involvement in OktobaFest as a technology and payments partner will focus on fostering seamless in-festival connectivity, empowering the youth and Gen Z community through Safaricom Hook, and powering digital payments through M-PESA.

Music Producers Launch Organization To Streamline Recording Industry

Recording Industry of Kenya (RIKE) was launched on 9th October 2023. Registered in 2022 as a not-for-profit organization, RIKE aims to promote the collective interests of producers of sound recordings in the country.

Nairobi’s Hero Bar Listed Among World’s 50 Best Bars

World Best Bars: Hero Bar in Nairobi continues to climb the list, moving up six places to No.62 and Johannesburg’s Sin + Tax comes in at No.94. Dubai new entry Ergo is at No.69 and Melbourne’s Byrdi has re-entered the list at No.61.

Kenyan DJs Face Off In Smirnoff Battle Of The Beats Season 3

The Smirnoff Battle of the Beats Season 3, a DJ competition, is poised to unleash an unprecedented musical frenzy countrywide.

The Highs And Lows Of Betty Kyallo, Sisters Show As Season 2 Ends

Kyallo Kulture has always been, above all, about sisterhood, and in Season 2 we have witnessed the charm of it - the ups that gave us wholesome moments as the sisters led by Betty Kyallo spent time together.

DStv Beats CNN, BBC To Become Most Admired Media Outlet In Africa

DStv, MultiChoice Group’s leading broadcast service, has been named...

MultiChoice Revises Subscription Fees For DStv, GOtv

MultiChoice has announced price adjustments on some of their...

Octopizzo: How I Make My Money

"I've been doing this for 12, 13 years. It reaches a point where you no longer need to prove that you can make a hit record," he stated.

New Spotify EQUAL Artist Qing Madi Talks Music and Dreams

Heavily influenced by her cultural background and the lyrical arrangements of Kendrick Lamar, the versatile Nigerian prodigy is shaping the future of music with her unique genre-bending fusion of Afrobeats, Pop, Soul and R&B.

Bob Collymore Immortalized in New Festival

The late Collymore was famous for his love for jazz and even initiated the Safaricom Jazz Festival, which saw several of the world's biggest Jazz artists perform in Nairobi.
BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke

Gor Mahia Fan Who Correctly Predicted 15 Out of 17 Games Wins Millions

The 30-year-old, also an avid follower of English Premier League giants Manchester United, came close to the grand prize of Ksh334,783,843 SportPesa Jackpot.

In Race for African Leadership Award, Ruto Faces Tough Opposition

Among the contenders of the prestigious African of the Year award is Kenya’s President William Ruto, who will be battling it out with President Hakainde Hichilema of Zambia and Prof. Benedict Okey Oramah, President of Afrexim Bank.

Transforming Financial Inclusion: The Impact of M-Pesa in Kenya and Beyond 

Discover the profound impact of M-Pesa on financial inclusion in Kenya and beyond. Explore how this innovative mobile service revolutionizes transactions and shapes the future of finance globally.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here