KCB CEO declares he is worth Sh220m in bid to fight graft

KCB CEO declares he is worth Sh220m in bid to fight graft
KCB Chief Executive Officer Joshua Oigara. PHOTO| FILE

Kenya Commercial Bank (KCB) Group CEO Joshua Oigara Thursday publicly declared his wealth as part of the ongoing efforts by the government to push for transparency in the private sector to tame widespread corruption.

In his declaration, Oigara said his net worth is currently Ksh220 Million, made up of total assets of Ksh350 Million and loan obligations of Ksh130 Million.

Oigara said his monthly salary and allowances total to Ksh4.9 Million and that the assets are in the form of land, buildings, motor vehicle, cash bank balances and shares.

“My public declaration is driven by the need for us as private sector players to initiate greater transparency. Kenya is bleeding from corruption mainly driven by secrecy in organizational operations.”

“Corruption takes away equal opportunity and hurts growth by consuming funds which could otherwise have gone into social and economic projects like health and education” said Oigara.

“We need to push for a drastic cultural shift to bring up a generation that believes in hard work. One that is devoid of taking shortcuts to get access to services. One that believes that they don’t have to pay bribes to get access to schools, job internships, promotions and work placements.”

“One where SMEs and other businesses do not have to bribe to get tenders in corporations and government agencies,” he added.

As an ethical company, the CEO said, KCB Group gives an equal opportunity to everyone for example going for the best job seekers and suppliers.

“As a person, I have always believed in working hard to get what I want. Corruption is robbing many Kenyans an opportunity to excel,” reiterated the Group CEO.

“I have had to work hard for the past 18 years in different companies and capacities. I started off as a teacher in my rural village earning Ksh5,000 a month.”

“I have grown to be the CEO of East Africa’s leading bank with annual revenue of Ksh60 billion. Over time, that has allowed me to acquire what I have,” said Oigara.

Oigara’s declaration comes just a day after Safaricom CEO Bob Collymore declared his wealth.

In his individual assets declaration 2015 on Wednesday, Collymore revealed he earns Ksh10 Million a month, adding up to close to Sh109 million per year.

The Safaricom boss is also worth over Sh200 million in assets and cash both in Kenya and overseas.

Collymore, who has been working for over 30 years, has a residential house in London, UK worth USD530,000 (about Ksh53,000,000), cash balances in local banks worth USD203,000 (about Ksh20,300,000), Safaricom Limited shares worth USD180,000 (about Ksh18,000,000) and Vodafone PLC shares worth USD871,000 (about Ksh87,000,000).

He also declared his dividends and income of USD5,800 (about Ksh580,000) in the last 12 months.

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Maureen Murimi
Story By Maureen Murimi
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