When President Barack Obama comes to Kenya next week, he will have lots of high-profile events vying for his attention. But there’s a small unfinished business that his late father left that will also be in the mix: a small life insurance benefit.
According to Business Daily, Kenya’s Unclaimed Financial Assets Authority (UFAA) is holding Ksh55,933 that was due to the family of the then senior economic analyst at the Treasury following his death in a car accident in 1982.
Barack Hussein Obama, the father of America’s president, had a life insurance cover that was never paid to the rightful beneficiaries upon his death, resulting to transfer of the funds to the Unclaimed Financial Assets Authority (UFAA).
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If adjusted for inflation, the amount would be equivalent to Ksh2 million but that has not happened because insurers do not make such adjustments nor pay interest on policy funds.
The UFAA, which holds unclaimed assets in trust for the rightful owners, has records showing that the Obama funds came to its custody last year from the defunct Kenya National Assurance Corporation (KNAC).
Mr Obama had nominated his eldest son Roy Obama, also called Malik, and his youngest wife Jael Otieno as beneficiaries. Obama senior had four wives, two of whom he married while in the United States, and eight children.
Among the children is the American President Barack Obama, from his marriage with Ann Dunham, whom he met while studying at the University of Hawaii in the US. News of the Obamas’ unclaimed assets comes as the US President prepares to visit his father’s country for an entrepreneurial meeting in two weeks’ time.
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