According to the financial statements for 2007 issued yesterday, Nuyoma earned a total annual package of N$1,24 million during the year under review, including a bonus of N$287 110.

The bank paid close to N$2,9 million to its top executives and directors in 2007 in addition to just over N$800 000 indicated as short-term benefits.

Six board members excluding the CEO received N$502 000, with the remainder of N$2,3 million shared among five executive managers.

According to a recent salary survey conducted by Insight magazine of executives in parastatals, Nuyoma was cited as one of the top-earning CEOs in Government-owned entities.

The highest earner among the six parastatals surveyed was Kosmas Egumbo of Air Namibia with an annual salary of N$1,4 million.

The executives' salaries are way above what Cabinet ministers, including the Prime Minister, are paid.

According to the June 2007 Insight edition, the total annual package of the Prime Minister was N$606 040 - half of Nuyoma's package of N$1,2 million, which translates into a monthly pay of N$100 000.

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