Safaricom CEO Reaches Summit as Highest-Paid Executive on the NSE
Safaricom, East Africa’s leading telecommunications powerhouse, has made headlines with the revelation of its Chief Executive Officer, Peter Ndegwa, becoming the highest-compensated CEO listed on the Nairobi Securities Exchange (NSE). This significant milestone comes as the Kenyan telecoms giant reports a robust return to growth, directly influencing its executive remuneration packages.
Unpacking the Record Compensation Package
For the financial year that concluded in March 2025, Peter Ndegwa’s total compensation package amounted to an impressive KES 294.2 million, equivalent to approximately $2.2 million. This figure marks a substantial 17% increase from the previous year, underscoring Safaricom’s commitment to rewarding top leadership following a period of strong performance. The record-setting earnings are meticulously broken down, reflecting a comprehensive remuneration strategy. Ndegwa’s compensation included a base salary of KES 98.7 million ($765,100), complemented by a substantial bonus of KES 116.7 million ($904,600). In addition, he received KES 33.5 million ($259,187) in non-cash benefits, which, though not fully detailed in Safaricom’s public disclosures, typically encompass high-value perks such as school fees, housing allowances, exclusive club memberships, and company vehicles within Kenya. A further KES 45.3 million ($351,155) was accrued through Safaricom’s Employee Performance Share Award Plan (EPSAP), aligning executive incentives with shareholder value and long-term company performance. This puts Ndegwa’s earnings considerably ahead of his peers, including KCB Group CEO Paul Russo, who, despite a significant 40.8% rise in his remuneration to KES 250.2 million ($1.9 million) in the same period, secured the title of the highest-paid bank executive, but not the overall top spot. This move highlights a trend of rising executive pay within Kenya’s leading corporations, particularly those demonstrating strong financial recovery and growth in key sectors like telecommunications and finance.
The remarkable remuneration package for Safaricom’s CEO signals the company’s robust financial health and its leadership position within the African tech landscape. As Safaricom continues to innovate and expand its services across the region, such executive compensation reflects the complex and high-stakes environment in which these top leaders operate, driving significant value for shareholders and playing a pivotal role in the continent’s digital transformation journey.
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