The director of Africa's first low-cost airline, fastjet, has revealed that he has chosen to be paid an annual salary of just one pound so as to help make a difference to Africa's future growth prospects.
David Lenigas, the Chairman of fastjet, informed the board of his decision which, the company has confirmed, will take place with immediate effect.
In addition to paying his £1 annual salary, the company will also refund him legitimately invoiced expenses incurred on company business and provide directors' and officers' liability insurance.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Commenting on his decision to be paid a salary of £1 a year, Lenigas, said: "I am passionate about the possibility of Fastjet's ability to change Africa's GDP [gross domestic product] growth profile. I have been doing business in Africa for a number of decades now and this is my personal way of contributing to changing life for the better in Africa."
Leningas has 20 million options in fastjet which are exercisable at five pence. He said he intended to use any profits from the options to establish an African Foundation for underprivileged children.
"fastjet's low cost of travel can be one of the greatest motivators of economic development and change in Africa and as the company continues to roll out low cost affordable travel across the Continent in the months and years ahead. We can have a fundamental profound effect on the communities the airline will serve," he added.
"The ability for people to buy an aeroplane ticket for as little as $20 plus taxes provides affordable travel and allows people to trade easier, build businesses, and visit family and friends at prices not seen in Africa before."
fastjet uses modern Airbus A319 aircraft and operates under a brand licence and strategic direction from Sir Stelios Haji-Ioannou and his easyGroup Holdings.
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published