(Nairobi) – The value of unclaimed assets in Kenya has climbed to KSh 75.5 billion as of November 2024, according to the Unclaimed Financial Assets Authority (Ufaa). This marks a 21.7% increase from KSh 62 billion in June. Despite the growing fund, many Kenyans, including prominent individuals, are not reclaiming wealth that legally belongs to them or their families.
Ufaa data reveals that KSh 39.4 billion in unclaimed shares has been surrendered to the government. This is a sharp increase from KSh 30 billion in 2021 and KSh 16.42 billion in 2017. Additionally, the authority has received KSh 36.09 billion in cash, both in local and foreign currencies, compared to KSh 23.2 billion in 2021.
A growing number of safe deposit boxes containing items like jewelry, title deeds, share certificates, and Treasury bills have also been handed over. The tally rose to 3,737 units in November, up from 1,953 in June. The fund further includes over 9.87 million unit trusts, whose values remain undisclosed.
Unclaimed financial assets include dormant bank accounts, uncashed cheques, and the contents of safe deposit boxes untouched for years. By law, companies are required to report and surrender such assets annually by November 1. Failure to comply attracts penalties of 25% of the value of the assets and daily fines ranging from KSh 7,000 to KSh 50,000.
Despite the availability of these assets, only 1.9% of the funds have been reunited with their rightful owners. Many cases are delayed due to family inheritance disputes or a lack of proper documentation, such as Wills or letters of administration.
Some of the unclaimed wealth belongs to prominent individuals, including late politicians and influential figures. For instance, the fund holds assets tied to former Vice President Kalonzo Musyoka, National Assembly Speaker Moses Wetang’ula, and the late ministers Simeon Nyachae, Mbiyu Koinange, and JM Kariuki.
Inheritance feuds have also delayed the release of assets linked to families of former presidents Daniel arap Moi and Mwai Kibaki. Lena Moi and Lucy Kibaki, matriarchs of the respective families, left assets that remain unclaimed.
Since July, KSh 4.3 billion in cash, 170.3 million shares, and 79 safe deposit boxes have been added to Ufaa’s holdings. Many assets are believed to have gone unclaimed due to secrecy around wealth by deceased owners or the absence of proper succession plans.
The government has introduced penalties to compel entities to report unclaimed assets and make efforts to locate their rightful owners before surrendering them to Ufaa. However, it remains unclear whether all companies have complied with these regulations.
Table: Breakdown of Unclaimed Assets by Category
| Category | Value/Quantity | Growth Since June 2024 |
|---|---|---|
| Cash (Local & Foreign) | KSh 36.09 billion | Increased from KSh 23.2B |
| Shares | KSh 39.4 billion | Up from KSh 30B |
| Safe Deposit Boxes | 3,737 units | Increased from 1,953 |
| Unit Trusts | 9.87 million units | Not Disclosed |