At this rate the employees will become very rich,leave the company and start their own business ventures

In principal I am 100% in agreement with this mode of compensation. It keeps the employees on their toes.

What I don't agree with is the payment in cash. This is not an investment bank, hedge/VC/PE fund where the employees are partners rather the capital they are employing belongs to the shareholders not the employees.Should anything go wrong the employees and management will have their cash and the shareholder all the downside.

Why should they be paid in cash while shareholders are asked to wait for capital gains or sell a portion in case they need cash dividend equivalent?

They should be paid in shares vesting over 3-5 years. This way their interests will be truly aligned with those of the shareholders.

On the bright side the CEO is a key shareholder;truly aligned with the rest of the shareholders.

Its clear that a company that pays small or no dividends tends to be avoided by investors and hence the share price remains depressed (kplc,kenya-re).
So Kirubi and co could be fleezing dividend payments to end interests for the shares from investors and keep the share price depressed.

They then reward themselves with cash bonuses which they use to buy the depressed shares.
In the end they will end up with the whole company with out spending a dime.

So all the dividends share holders are sacrificing will end up with the old DJ.
I'll be selling shares of amount equivalent to what i invested tomorrow.

Does this company belong to the employees or the shareholders.

That board needs to be thoroughly investigated. Or the employees are their mistresses and family members.