Zenith Bank Accused of Staff Breach in N188m Customer Funds Scandal

A Nigerian law firm has accused Zenith Bank Plc of failing to address an alleged breach by one of its former staff members, who is said to have abused her position to facilitate the diversion of more than N188 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, exploited the banker-customer relationship to advise the placement of funds in a manner that 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 John Ajibade of Legal Services and Michael Osilama Otu, the Company Secretary and General Counsel. It also made reference to earlier correspondence, including a letter dated July 16, 2025, and the bank’s response of August 8, 2025.

Seasons Law Firm expressed concern that more than six months after the initial complaint, the bank had allegedly failed to take any meaningful action on the matter.

The firm criticised Zenith Bank for not sending a delegation to engage with the client, described as a valued customer of several years, or taking steps to compel Mrs. Esekody or PFI Capital Limited to refund the funds.

It further alleged that the bank’s only responses had been 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 the client’s office in her official capacity as Zenith Bank’s account officer and was fully aware of the funds available in the company’s accounts. The firm argued that this banker-customer relationship enabled the discussions and advice that ultimately led to the funds being “fixed” for the benefit of PFI Capital Limited.

Adekunle Kosoko, Esq., writing on behalf of Seasons Law Firm, said the transaction was a direct result of the 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 also revealed that it had 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.”