Safaricom CEO Becomes Highest-Paid NSE Exec With $2.2M Payout
TLDR
- Safaricom CEO Peter Ndegwa earned KES 294.2 million ($2.2 million) in total compensation for the year ending March 2025, representing a 17% increase from the previous year
- The record payout followed an 11% rise in Safaricom’s net profit to KES 69.8 billion ($540 million), driven by growth in mobile money and data services
- The pay increase makes Ndegwa the highest-paid CEO on the Nairobi Securities Exchange, surpassing KCB Group’s Paul Russo, who earned KES 250.2 million ($1.9 million)
Safaricom CEO Peter Ndegwa earned KES 294.2 million ($2.2 million) in total compensation for the year ending March 2025, representing a 17% increase from the previous year.
The record payout followed an 11% rise in Safaricom’s net profit to KES 69.8 billion ($540 million), driven by growth in mobile money and data services, as well as reduced losses in Ethiopia.
Ndegwa’s package included a KES 98.7 million salary, KES 116.7 million bonus, KES 33.5 million in non-cash benefits, and KES 45.3 million from the firm’s Employee Performance Share Award Plan (EPSAP).
The pay increase makes Ndegwa the highest-paid CEO on the Nairobi Securities Exchange (NSE), surpassing KCB Group’s Paul Russo, who earned KES 250.2 million ($1.9 million) during the same period.
Safaricom’s CFO Dilip Pal earned KES 132 million ($986,000), and the company’s total director compensation rose 10% to KES 511.4 million ($3.8 million).
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Key Takeaways
Safaricom’s increased executive compensation comes amid a broader economic environment marked by salary freezes, rising inflation, and shrinking disposable income for many Kenyans. The disparity highlights tensions between corporate profitability and wage stagnation in the wider economy. While the company returned to growth after two years of muted performance tied to its Ethiopia expansion, Safaricom’s board approved double-digit pay increases across its leadership team. The CEO and CFO collectively earned KES 426.7 million ($3.2 million), representing a 16.5% year-over-year increase. With Safaricom still Kenya’s most profitable listed company, the board’s decision underscores a focus on performance-linked rewards. However, it also raises questions about executive compensation optics at a time when many Kenyans continue to face economic strain. As corporate governance practices evolve, shareholder and public scrutiny around pay-performance alignment is likely to intensify.
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