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National Treasury Cabinet Secretary John Mbadi has appointed a new Chief Executive Officer (CEO) for the Unclaimed Financial Assets Authority (UFAA).
In a notice dated September 23, Mbadi appointed CPA Laban Molonko as the new CEO of the State agency.
Molonko takes over from Caroline Chirchir, who has been serving in an acting capacity, and will hold the position for a period of three years.
Chirchir took over the role in 2024 after former CEO John Mwangi was associated with allegations of mismanagement of unclaimed assets.
“The Chief of Staff and Head of the Public Service vide letter Ref No. SH/GM/3 VOL.X (20) dated 12th September 2025, issued a no objection to the appointment of Mr. Laban Molonko as Chief Executive Officer and Managing Trustee of the Unclaimed Financial Assets Authority (UFAA) for a period of three (3) years effective from the date he formally takes up the appointment,” read the notice in part.
“This is therefore to convey The National Treasury’s concurrence to the appointment of Mr. Laban Molonko as the substantive CEO and Managing Trustee of UFAA for a period of three (3) years in line with the Authority’s approved Human Resource instruments. We congratulate him for the well-deserved appointment and look forward to a cordial working relationship.”
Mbadi Appoints Laban Molonko CEO of UFAA
CPA Molonko is a seasoned executive with over 20 years of experience in finance, corporate governance, and strategy, spanning banking, healthcare, manufacturing, and regulatory sectors.
He has held senior leadership positions at East African Portland Cement Ltd, The Nairobi Hospital, Central Bank of Kenya and Access Bank (K) Limited where he demonstrated a strong track record in policy formulation, stakeholder management and institutional transformation.
Molonko served as Chief Finance Officer at Access Bank Kenya, where he led mergers, digital transformation, and growth strategies.
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At the Central Bank of Kenya, he was responsible for banking sector surveillance and risk oversight.
CPA Molonko holds an MBA in Finance from the University of Nairobi, an MA in Counselling Psychology from Daystar University, a BA in Economics (First Class Honours) from Kenyatta University.
He is currently pursuing PHD in Finance at Daystar University. The new UFAA CEO is a member of Institute of Certified Public Accountants of Kenya (ICPAK) and a member of Kenya Association of Psychologists.
His appointment is expected to strengthen UFAA’s mandate through enhanced transparency, accountability, and operational excellence.
About UFAA and It’s Role
UFAA is a state corporation established under the National Treasury pursuant to the Unclaimed Financial Assets Act. No. 40 of 2011.
The primary mandate of the Authority is to receive unclaimed financial assets from holders, safeguard these assets, and reunite them with their rightful owners.
It also receives, safeguards, invests, and disburses unclaimed financial assets, and collects all payments required by the Act to be made to the Fund.
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UFAA ensures that holders of unclaimed financial assets either reunite them with the rightful owners or surrender them to the Authority. It also carries out inspections to ensure accurate reporting of unclaimed assets.
Additionally, the Authority ensures that all relevant information on unclaimed financial assets is submitted and maintained in its database. It assumes custody of the rights of unclaimed financial asset holders.
At the same time, it implements all relevant government policies and performs any other functions conferred upon it by the Unclaimed Financial Assets Act.
The Authority is responsible for making payments from the Fund to rightful owners, managing and investing the Authority’s funds, and locating and notifying owners of unclaimed financial assets.
It also implements policies and procedures related to unclaimed financial assets, acts as the Trustee of the Fund in accordance with Part V of the Unclaimed Financial Assets Act, enforces and administers the provisions of the Act, and advises the Cabinet Secretary on national policy concerning unclaimed assets.
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