Eight universities are among 20 companies and institutions fined a total of Ksh 2.23 billion by the Unclaimed Financial Assets Authority (UFAA) for failing to remit unclaimed assets amounting to more than Ksh 5.08 billion.
According to UFAA’s report, the penalties were imposed on organizations that failed to surrender dormant accounts, unclaimed dividends, insurance payouts, and other financial assets as required by law.
Among the institutions penalized, Moi University tops the list, with Ksh 211.4 million in penalties for unremitted assets worth Ksh 171.4 million, representing 123% of the unclaimed amount.
Maseno University, Egerton University, Kenyatta University, University of Nairobi, United States International University (USIU), and Egerton University Pension Scheme were also fined millions for non-compliance.
Moi University Retirements and Benefits Scheme faced an even steeper sanction, Ksh 111.6 million in penalties against unremitted assets of Ksh 29.7 million, equivalent to 375% of the total unclaimed funds.
Other Penalized Companies
At the top of the overall list is Carbacid Investments, which was hit with a penalty of Ksh 30.9 million for failing to remit only Ksh 1.07 million in unclaimed assets, a 2,870% penalty rate, the highest among all listed entities.
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Major corporations also featured prominently in the report.
Equity Bank Ltd, one of the country’s largest financial institutions, was fined Ksh 249.7 million on unremitted assets worth Ksh 286.5 million.
CIC Group PLC faced a penalty of Ksh 999.6 million for unclaimed assets amounting to Ksh 1.46 billion, while Pioneer Assurance Company Ltd was fined Ksh 131.1 million
Others in the list include Airtel Kenya, Total Kenya Ltd, WPP Scan Group, UNGA Group, Gemina Insurance, and several savings and credit cooperatives such as Unaitas SACCO and Mwalimu National SACCO.
Full List of Penalized Companies
| No. | Name of Holder | Unclaimed Financial Assets (KSh) | Penalties Imposed (KSh) | Penalties as % of Unclaimed Assets |
|---|---|---|---|---|
| 1 | Carbacid Investments | 1,075,882 | 30,876,594 | 2,870% |
| 2 | Moi University Retirements and Benefits Scheme | 29,788,759 | 111,609,152 | 375% |
| 3 | Maseno University | 40,655,081 | 74,556,809 | 183% |
| 4 | Pacis Insurance Company Ltd | 6,232,034 | 10,143,026 | 163% |
| 5 | Egerton University | 30,289,654 | 39,104,062 | 129% |
| 6 | Egerton University Pension Scheme | 12,048,522 | 15,350,580 | 127% |
| 7 | Moi University | 171,406,660 | 211,376,187 | 123% |
| 8 | Airtel Kenya | 28,070,855 | 27,200,530 | 97% |
| 9 | Total Kenya Ltd | 27,969,942 | 26,712,095 | 96% |
| 10 | Kenyatta University | 20,795,242 | 19,784,031 | 95% |
| 11 | Equity Bank Ltd | 286,511,724 | 249,728,593 | 87% |
| 12 | United States International University (USIU) | 50,100,371 | 34,975,064 | 70% |
| 13 | CIC Group PLC | 1,458,143,538 | 999,604,283 | 69% |
| 14 | WPP Scan Group | 93,079,528 | 62,169,503 | 67% |
| 15 | Pioneer Assurance Company Ltd | 246,529,341 | 131,103,610 | 53% |
| 16 | Unaitas SACCO | 119,841,836 | 58,039,443 | 48% |
| 17 | UNGA Group | 61,336,034 | 29,402,865 | 48% |
| 18 | Mwalimu National SACCO | 38,259,312 | 16,615,132 | 43% |
| 19 | Gemina Insurance | 48,875,624 | 16,786,826 | 34% |
| 20 | University of Nairobi | 2,318,241,273 | 66,850,000 | 3% |
Role of UFAA
UFAA, established under the Unclaimed Financial Assets Act, 2011, is mandated to receive, safeguard, and reunite unclaimed financial assets with their rightful owners.
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The law requires all holders of such assets to report and remit them to the Authority within prescribed timelines or face penalties and enforcement action.
The penalties, the Authority noted, are intended to promote compliance and accountability within Kenya’s financial and corporate sectors.
In total, the 20 entities were found to hold over Ksh 5 billion in unclaimed financial assets, triggering fines totaling more than Ksh 2.23 billion, representing an average penalty rate of about 44% of the unremitted funds.
UFAA has urged all institutions and corporations in Kenya to comply promptly with reporting and remittance obligations to avoid similar sanctions in future audits.
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