A Nigerian law firm has accused Zenith Bank Plc of failing to adequately address an alleged breach of trust involving one of its former employees, who is accused of abusing her position to facilitate the diversion of more than ₦188 million belonging to a long-standing customer, AMSCO Nig. Ltd.
The allegation is contained in a formal letter dated January 21, 2025, written by Seasons Law Firm, Abuja, solicitors to AMSCO Nig. Ltd. According to the firm, Mrs. Anwulika Esekody, who served as AMSCO’s account officer at Zenith Bank’s Itire branch, allegedly exploited the banker-customer relationship to advise the placement of funds in a manner that ultimately benefited PFI Capital Limited, a company on whose board she is alleged to sit as a director.
The letter was addressed to the Managing Director of Zenith Bank and copied to the bank’s Legal Services head, John Ajibade, and the Company Secretary and General Counsel, Michael Osilama Otu. It also referenced earlier correspondence on the matter, including a letter dated July 16, 2025, and Zenith Bank’s response of August 8, 2025.
Seasons Law Firm expressed concern that more than six months after the initial complaint was lodged, the bank had allegedly failed to take any meaningful steps to resolve the issue.
The firm criticised Zenith Bank for not sending a delegation to engage with AMSCO Nig. Ltd., described as a valued customer of several years, or taking steps to compel Mrs. Esekody or PFI Capital Limited to refund the allegedly diverted funds.
Instead, the firm alleged that the bank’s responses had been limited to threats to report the directors of AMSCO Nig. Ltd. to law enforcement agencies and the transfer of Mrs. Esekody to another branch.
According to the letter, Mrs. Esekody had visited AMSCO’s office in her official capacity as the company’s account officer and was fully aware of the funds available in its accounts. Seasons Law Firm argued that this banker-customer relationship enabled the discussions and advice that led to the funds being “fixed” in a transaction that benefited PFI Capital Limited.
Adekunle Kosoko, Esq., writing on behalf of the firm, said the transaction arose directly from the professional relationship between the bank and its customer.
“It is obvious that it was this banker-customer relationship between our client and your bank, in which your said staff represented you, that led to the discussion resulting in our client fixing her funds, howbeit to the benefit of PFI Capital Limited, on the advice of your staff,” he stated.
The law firm disclosed that it plans to institute legal action against PFI Capital Limited, Mrs. Esekody in her personal capacity, and Zenith Bank as her principal employer.
It further revealed that it has been instructed by its client to place the full facts and circumstances of the transaction in the public domain throughout the duration of the proposed suit and until the matter is resolved.
“We have our client’s further instructions to ensure that the facts and circumstances of this transaction be placed in the public space during the pendency of our impending suit and until the matter is resolved, in order to educate the general public and to forestall present and future customers of your bank from the fate that has befallen our client,” the letter added.
As of the time of filing this report, Zenith Bank had not publicly responded to the allegations.
