Tag: Unclaimed Financial Assets Authority (UFAA)

  • Lwam Bekelle Moves to Claim Fidel Odinga’s Unclaimed Assets Days After Raila’s Death

    Lwam Bekelle Moves to Claim Fidel Odinga’s Unclaimed Assets Days After Raila’s Death

    Nairobi, Kenya — In a development that has reignited public interest in one of Kenya’s most prominent political families, Lwam Getachew Bekelle, the widow of the late Fidel Odinga, has formally moved to claim unclaimed financial assets left behind by her husband, nearly a decade after his sudden death.

    The application, revealed through a gazette notice issued by the Unclaimed Financial Assets Authority on October 9, 2025, comes just days after the passing of former Prime Minister Raila Odinga, Fidel’s father, adding an unexpected layer of timing to what is otherwise a routine legal procedure.

    According to official records published in Gazette Notice No. 15129, Lwam Getachew Bekelle has applied to be recognized as the administrator of unclaimed assets registered under Fidel Castro Odinga’s name at Gulf African Bank Limited.

    The UFAA notice confirms that Bekelle is seeking control of these dormant financial holdings as part of her continued role in managing her late husband’s estate.

    Fidel Odinga, the eldest son of Raila Odinga, died unexpectedly in January 2015 at the age of 41.

    His death sent shockwaves through Kenya’s political establishment, where he had been widely regarded as a potential political heir to his father’s legacy. He left behind his Ethiopian-born widow, Lwam, and their young son.

    The exact value and nature of the unclaimed assets have not been disclosed publicly, though such cases typically involve dormant bank accounts, uncollected dividends, or other financial instruments that remained inactive following the account holder’s death.

    The Unclaimed Financial Assets Authority, established under the Unclaimed Financial Assets Act of 2011, is mandated to trace, safeguard, and facilitate the return of billions of shillings in unclaimed funds across Kenya’s financial institutions.

    The late Fidel Odinga, son and widow Lwam Bekele.
    The late Fidel Odinga, son and widow Lwam Bekele.

    Under the regulatory framework, the UFAA has provided a 30-day objection period from the date of publication, during which any party with a legitimate claim or interest may file a counterclaim. If no objections are raised within this window, the Authority will proceed with the formal transfer of the assets to Bekelle.

    This is not the first time the administration of Fidel’s estate has attracted legal attention.

    Following his death, Lwam Bekelle and Ida Odinga, Fidel’s mother, were involved in a legal dispute over the administration of his estate.

    The matter was eventually resolved through an out-of-court settlement, allowing Bekelle to assume her role as administrator.

    The timing of this latest development, coming just days after Raila Odinga’s death, has not gone unnoticed, though there is no indication that the two events are connected beyond coincidence.

    The UFAA routinely publishes gazette notices as part of its statutory obligations, and the timing likely reflects the administrative processes involved in tracing and notifying claimants of unclaimed assets.

    For the Odinga family, already navigating the national mourning period following Raila’s death, the resurfacing of Fidel’s estate matters serves as a poignant reminder of past losses.

    The family, which has been central to Kenya’s political narrative for generations, continues to capture public attention even in private legal affairs.

    The Unclaimed Financial Assets Authority plays a critical role in Kenya’s financial ecosystem, managing unclaimed wealth that often goes unnoticed by rightful heirs or beneficiaries.

    Through structured legal processes and public notifications, the agency ensures transparency and accountability in asset recovery, a service that has become increasingly important as more Kenyans become aware of dormant funds held in banks, insurance companies, and investment institutions.

    As the 30-day objection period runs its course, Lwam Bekelle’s application represents another step in the decade-long process of settling Fidel Odinga’s estate.

    For the Odinga family and the wider Kenyan public, it is yet another chapter in the enduring legacy of a man who left too soon, and a family whose story remains inseparable from the nation’s own.

  • UFAA Bosses Accused of Stealing Billions From The Dead

    UFAA Bosses Accused of Stealing Billions From The Dead

    A scandal has erupted at the Unclaimed Financial Assets Authority (UFAA), with top executives, including CEO John Mwangi, accused of misappropriating billions meant for deceased individuals and their next of kin.
    Investigations reveal a Sh10.5 billion discrepancy, questionable payments amounting to hundreds of millions, and potential delays in asset transfers.
    Amid rising concerns, Senator Gloria Orwoba has petitioned for a thorough forensic audit, highlighting systemic failures and urging accountability.
    This article exposes the looting schemes and how UFAA bosses are denying next-of-kin their rightful inheritance.
    UFAA

    Sh10.5 Billion Squandered Through Dubious Payments

    A scandal is brewing at the Unclaimed Financial Assets Authority (UFAA), raising serious concerns about the misappropriation of unclaimed assets and money belonging to the deceased and their surviving next of kin.

    Allegations of financial discrepancies and questionable payouts have put the agency’s top management, led by CEO John Mwangi, under intense scrutiny.

    Recent investigations have revealed shocking discrepancies at UFAA, with Sh10.5 billion out of Sh11.5 billion audited in the last five years unaccounted for.

    This revelation has sparked fears that the agency, tasked with safeguarding and reuniting unclaimed assets with their rightful owners, is failing in its mandate.

    Further complicating matters are controversial payments totaling Sh418 million to external auditors and Sh159 million to alleged suppliers.

    These expenditures raise serious questions about financial governance and accountability at UFAA.

    Delayed Transfers and Silence from the Bosses

    Adding to the list of concerns are unexplained delays in transferring Sh1.2 billion units to the Nairobi Stock Exchange (NSE) and Sh466 million units to UFAA.

    These delays not only undermine the agency’s credibility but also hint at possible financial mismanagement or, worse, fraudulent activities.

    UFAA board chairman Francis Kigo Njenga and CEO John Mwangi acknowledged receipt of the queries but declined to provide any substantial response.

    This silence only adds to the growing suspicions and calls for transparency.

    Calls for a Forensic Audit

    In response to these alarming issues, a petition has been filed before the Senate demanding a thorough forensic audit of UFAA.

    Nominated Senator Gloria Orwoba is pushing for the corrupt UFAA boss and accomplices to be held accountable.

    Orwoba wants both the Senate and the National Assembly to launch an investigation into the billions of shillings’ worth of unclaimed assets.

    Senator Orwoba highlighted that Sh10 billion worth of assets are misappropriated annually, including Sh500 million in unaccounted auditing fees.

    Official records show that by 2023, UFAA was holding over Sh60 billion in unclaimed assets.

    This includes Sh33 billion in cash and cash equivalents and Sh1.7 billion in shares amounting to Sh30 billion.

    The ineffective UFAA has managed to reunite only a fraction of these assets with their rightful owners.

    Auditor General’s Concerns

    Auditor General Nancy Gathungu has raised a red flag over the security of unclaimed assets. Her report for the financial year ended June 30, 2022, indicated a reunification rate of only three percent.

    Gathungu’s concerns underscore UFAA’s failure to effectively trace and reunite unclaimed assets with beneficiaries.

    Need for Immediate Action

    The gravity of these allegations cannot be overstated. The parliamentarians’ concerns and the Auditor General’s findings underscore the urgent need for a comprehensive probe into UFAA’s operations.

    Conclusion

    The Unclaimed Financial Assets Authority (UFAA) faces a critical moment. Billions of shillings in unclaimed assets are at stake.

    We must thoroughly investigate allegations of financial mismanagement and fraud. UFAA’s leadership remains silent, which only fuels suspicion. We need a forensic audit to restore public trust.

    This will ensure that the deceased and their next of kin receive their rightful assets.

  • Sh241 Billion Unclaimed Financial Assets, UFAA Releases

    Sh241 Billion Unclaimed Financial Assets, UFAA Releases

    A base line survey report on the current state of unclaimed financial assets was released by Unclaimed Financial Assets Authority (UFAA) has revealed that the current unclaimed financial assets in the country is estimated at Sh241,105,748,942.

    The survey which was conducted to determine the number of holders and estimate the volume of unclaimed financial assets held by each holder and cumulatively across all sectors in the country, showed that the current estimated unclaimed financial asset holders who include institutions in the country is 477,112.

    Announcing the findings of the survey in Nairobi, UFAA Chief Executive Officer, Mr John Mwangi, explained that the Authority’s mandate is to bring closure to ‘lost and found’ financial assets, receive unclaimed financial assets, safeguard and re-unite the assets with their rightful owners, who at times are not aware of their abandoned treasure.

    “UFAA’s performance is based on the number of claimants re-unified. So far the Authority has collected a total of Sh20.3 billion in cash, Sh1.2 billion unit of shares, received 6,000 claims and issued Sh1 billion payouts in 2021,” said Mwangi.

    He expressed that the Financial Services Sector has the highest holding of approximately 62 per cent of the total unclaimed financial assets and the projected unclaimed financial assets over the next 5 years is estimated at Sh156 billion.

    Explaining that financial assets are declared unclaimed when there is no active involvement by users for a period of 2 years, the CEO said the unclaimed money by the Authority is invested in government securities so as to accrue interest that is channeled to unclaimed Assets Trust Fund.

    “UFAA is urging all citizens to claim their financial assets and that of relatives by dialing a short code of *361# or visiting ufaa.go.ke,” advised Mwangi.

    He said the code will help citizens find out whether they have unclaimed financial assets as an original owner or on behalf of a minor, business entity and deceased persons.

    In his remarks, UFAA Chairperson, Richard Kiplagat, announced that the Authority has introduced Unclaimed Financial Assets Management (UFAM) System that is designed to facilitate easier filing, processing and disbursement of unclaimed assets through the internet, as well as provide compliance services where UFAA can carry out audit procedures to holding institutions.

    “The re-unification process has been made easier through the self-service UFAM system to allow a claimant to search for asset, file a claim, download the required documents and track the claims,” said Kiplagat.

    The Chairperson said to favor those with no access to internet, UFAA has partnered with Huduma Kenya to make asset claiming services available in all Huduma Centers across the country.

    “Through partnership with government entities and technology companies, the Authority will continue with sensitization efforts that help target holders and claimants increase declarations to the authority and re-unification of unclaimed financial assets,” he said.

    Kiplagat further urged all institutions that are holders of unclaimed financial assets to submit reports of unclaimed finance that they hold before November 1, 2021.