The Unclaimed Financial Assets Authority (UFAA) has disclosed the names of wealthy Kenyans who are have not redeemed over Ksh 51 billion in assets and cash belonging to them or their families.
UFAA on Monday, March 1, said that the idle assets amounted to Ksh 51.4 billion in December 2020, a Ksh 8 billion rise from the Ksh 43 billion reported in June the same year.
The 19 percent increase was attributed to entities surrendering more assets on the introduction of penalties for not submitting unclaimed assets reports of between Ksh 7,000 to Ksh 50,000 per day. The deadline for submission, according to the agency, is November 1 of every year.
Among assets surrendered are company shares, billions in cash, safe boxes, jewellery, title deeds, share certificates and Treasury bills.
Most of these were drawn from saccos, money wallets, mobile money, pension schemes and insurance companies, banks and legal firms.
UFAA said that some of these assets are unclaimed due to inheritance cases in court, the deceased failing to notify their next of kin, and absence of wills. Some wealthy Kenyans have also not followed up on their shares and assets for years.
Former Cabinet Minister Mbiyu Koinange's family assets were frozen over family wrangles with the same being witnessed with former National Intelligence Service (NIS) boss James Kanyotu. His family are fighting for the Ksh 20 billion estate he left behind.
Among other notable wealthy Kenyans who have not applied for their idle assets include the family of Barack Hussein Obama Sr, the father of 44th US President Barack Obama.
Others are William Odongo Omamo's family. Odongo is the father of Foreign Affairs Cabinet Minister, Raychelle Omamo. Others include;
Senator's James Orengo (Siaya) and Moses Wetangula (Bungoma).
Mwai Kibaki's family are yet to claim the assets of former First Lady, Lucy Kibaki.
The families of the late President Daniel Arap Moi and former Bomet Governor, Joyce Laboso.
Special envoy to South Sudan and former Vice President, Kalonzo Musyoka.
In July 2020, UFAA warned that some assets would be auctioned at the Nairobi Stock Exchange (NSE) if owners failed to lay claim. Shares targeted for auction by the National Treasury were those owned by individuals who have failed to participate in corporate actions over a 3-year minimum period.
UFAA was established pursuant to the Unclaimed Financial Assets Act No. 40 of 2011, laws of Kenya. One can apply for unclaimed assets through its website.
