Kenya is the largest economy in East Africa and is home to some of the most profitable blue chip companies in the region headed mostly by locally born and breed executives. These Chief Executive Officers (CEOs) lead companies with thousands of employees and different branches spread across the country and in neighbouring countries. They are paid handsomely for steering these companies to profitability year in year out. However, very little is known about these CEOs’ educational backgrounds.
In this article, WoK takes a look at the learning institutions attended by the highest paid CEOs in Kenya.
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As of December 2021, Gideon Muriuki who is the Chief Executive Officer (CEO) of Cooperative Bank was the highest paid CEO in Kenya. Last year, his annual pay increased to Ksh 376.4 million, his bonus stood at Ksh 271 million and monthly salary at Ksh 105.4 million. He attended Kiganjo primary school in Nyeri County before joining Kagumo high school in 1978 for his secondary education. He later joined the University of Nairobi where he studied a Bachelor of Science degree in Mathematics. In 2011, he was awarded an honorary doctorate in Business management by the Kenya institute of Bankers.
Joshua Oigara came second in the list of the highest paid CEOs in Kenya as reported by Biznakenya. Oigara who is the ex-Group CEO of Kenya Commercial Bank (KCB) earned Ksh 299.1 million in salary, bonus and allowances as of December 2021. This included a monthly salary of Ksh72 million, gratuity of Ksh21.6 million and bonus of Ksh145.3 million. According to online sources, the CEO attended Eronge adventist Boarding primary school. After clearing his secondary education, he was admitted at the University of Nairobi for a Bachelor of Commerce degree, majoring in accounting. He also studied his accounting certification at Strathmore University School of accountancy, graduating from both in 1997. He later joined Edith Cowan University in Perth, Australia where he graduated with a Master’s in Business Administration. He has also attended postgraduate management courses in different institutions such as INSEAD in the United States of America (USA), the International Institute for Management (IMD Business School) in Lausanne, Switzerland and the London Business School among others.
James Mwangi couldn’t miss the list of the highest paid CEOs in Kenya. He is the CEO of Equity Bank. His annual salary is Ksh 65.1 million, non-cash benefits amounting to Ksh 4.7 million and other allowances in the tune of millions. He attended Nyagatugu Primary school in Kangema village before proceeding to Ichagaki Secondary School on a government scholarship. He later joined Kagumo high school for his A- level education where he studied Economics, English literature and geography. After clearing his secondary education, he was admitted at the University of Nairobi where he graduated with a Bachelor of Commerce degree.
He then sat and passed the Certified Public Accountant of Kenya (CPAK) examinations. Dr James Mwangi is also a graduate of the advanced management programme at the ISE Business School in Barcelona, Spain. He holds five honorary doctorate degrees which include a Doctor of Business Administration from Kenya Methodist University (KEMU), Doctor of Humane Letters from Kenyatta University, Doctor of Entrepreneurship from the Jomo Kenyatta University of Agriculture and Technology (JKUAT), Doctor of Business Management (Honoris Causa) from Meru University and a Doctorate of Letters from Africa Nazarene University (ANU).
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John Gachora was also among the list of the highest paid CEOs in Kenya. He is the CEO of NCBA Bank – a bank associated with President Uhuru Kenyatta. He attended Gatamaiyu primary school before joining the prestigious Alliance Boys high school for his secondary education. He later joined Massachusetts Institute of Technology (MIT) in the United States of America where he graduated with both a Bachelor of Science and a Master of Science degrees in Electrical Engineering. In 2002, he received the Executive Master of Business Administration from the Wharton School of Business.
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James Mworia is the CEO of Centum investments – a company associated with the late billionaire Chris Kirubi. He was at one point the highest paid CEO in Kenya but his salary began fluctuating in recent years. Last year, his pay dropped by 75 percent to Ksh 45 million after he missed out on bonus earnings for failing to meet the set annual performance targets. Before, Mworia would earn a whooping Ksh177.6 million which was equivalent to Ksh 4.7 million per month. He attended the Alliance High school before joining the University of Nairobi and Strathmore University where he pursued a Bachelor degree in law. He is also a certified public accountant and a chartered financial analyst. In 2016, he was awarded an honorary doctorate degree by Machakos University.
Jeremy Awori was the group Chief Executive Officer ABSA Bank Kenya. He was paid Ksh101 million per year which included a salary of Ksh34.26 million, retirement package amounting to Ksh3.44 million, benefits of Ksh 26.39 million, bonus awards amounting to Ksh 24.55 million, cash value award of Ksh 6.2 million and share value award of Ksh 6.2 million. He attended St. Mary’s School, Nairobi for his elementary and secondary education. He was later admitted at the University of Manchester in the United Kingdom in 1989 where he graduated with a Bachelor of Science degree in Pharmacy in 1991. He later joined MCcGill University in Canada where he graduated with a Master degree in Business Administration majoring in Finance and International Business.
Peter Ndegwa couldn’t have missed the list of the highest paid CEOs in Kenya. He is the CEO of Safaricom Plc – the largest telecommunications network in East and Central Africa. He receives a salary amounting to Ksh 202.3 million annually as reported by the Standard media. This basically translates to about Ksh 16.79 million per month as of 2021. He attended the prestigious Starehe Boys Centre where he obtained a High School Diploma. He was later admitted at the University of Nairobi where he graduated with a Bachelor’s degree in Economics. He later joined the London School of Business where he graduated with a Master of Business Administration (MBA). He is also a certified Public Accountant.