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An audit of eight sampled learning institutions has revealed that they are holding unclaimed financial assets in the form of caution money and overpaid fees.
According to the Auditor General’s performance audit report on management of unclaimed financial assets by the Unclaimed Financial Assets Authority (UFAA), institutions are required to remit any caution money and overpaid fees that remain unclaimed for more than two years after a student’s completion of studies, graduation or clearance.
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