Kenyan tycoon James Mwangi earns $1.4-million salary from Equity Group

Yusuf Abdulfatai -

Kenyan multimillionaire banker James Mwangi, the managing director and CEO of Equity Group, a non-operating holding company of Equity Bank, which stands as one of Africa’s largest and most profitable financial services groups, has witnessed a remarkable 49.37-percent surge in his compensation in 2022.

Mwangi‘s 2022 compensation reached an impressive Ksh213.64 million ($1.42 million), marking a substantial leap from the Ksh143.02 million ($948,328) he received the previous year. This significant increase is attributed to the group’s robust financial performance, solidifying its position as one of Africa’s and profitable lenders.

Mwangi’s $1.42-million compensation package includes a base salary of Ksh106.08 million ($703,200) and a performance-based short-term incentive of Ksh53.04 million ($351,617), both attributed to the lender’s commendable financial performance.

The Kenyan multimillionaire banker also received a long-term incentive award of Ksh8.35 million ($55,406) in recognition of his steadfast dedication to the company and his wealth of expertise as a seasoned professional.

Mwangi has played a key role in Equity Group’s expansion over the years, leading the expansion of the lender’s operations into multiple countries, including Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.

In 2021, Equity Group reported profits of Ksh40.07 billion ($265.62 million) and revenues of Ksh72.30 billion ($479.32 million). By the end of the 2022 fiscal year, these figures had slightly increased to Ksh46.10 billion ($305.62 million) in profits and Ksh85.95 billion ($569.85 million) in revenues, respectively.

Mwangi’s impressive track record and excellent results at the helm of Equity Group, demonstrate his ability to transform businesses and organizations to deliver superior results. In addition to his executive and governance roles, Mwangi holds a beneficial 3.38-percent stake, equivalent to 127,809,180 shares in the leading lender.