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Originally published by The Standard BusinessOctober 27, 2025
2d ago
Audit reveals firms, State holding Sh330 billion unclaimed assets
Majority of public and private entities continue to hold onto hundreds of billions of shillings belonging to Kenyans despite a law requiring them to either turn the money over to the UFAA. ..
✨ Key Highlights
An audit by Auditor General Nancy Gathungu has revealed that various public and private entities in Kenya are holding an estimated Sh330 billion in unclaimed financial assets belonging to Kenyans. This is despite a law mandating them to transfer these funds to the Unclaimed Financial Assets Authority (UFAA) or return them to their rightful owners.
- As of August 1, 2024, the UFAA had only received Sh65 billion out of the estimated Sh397 billion in unclaimed assets.
- The Auditor General, Nancy Gathungu, highlighted the significant disparity between the estimated total and the amount received by the UFAA.
- The law requires entities to either remit unclaimed assets to the UFAA or reunite them with owners/beneficiaries, a requirement many are failing to meet.
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