Zenith Bank Faces Allegations from Customer’s Law Firm Over N188 Million Funds Placement
A Nigerian law firm, Seasons Law Firm in Abuja, has written to Zenith Bank Plc on behalf of its client, AMSCO Nig. Ltd, raising concerns about a transaction involving more than N188 million in customer funds.
In a letter dated January 21, 2025, addressed to the bank’s Managing Director and copied to other senior officials, signed by Adekunle Kosoko, the firm states that AMSCO Nig. Ltd is a long-standing customer of Zenith Bank. The letter refers to prior correspondence, including a July 16, 2025 letter from the firm and the bank’s response dated August 8, 2025.
According to the letter, the firm’s client alleges that Mrs. Anwulika Esekody, who was previously the account officer for AMSCO Nig. Ltd at Zenith Bank’s Itire branch, advised the client on the placement of funds. The funds were reportedly placed in a manner that benefited PFI Capital Limited, a company on whose board Mrs. Esekody is said to serve as a director.
The law firm expresses dissatisfaction, claiming that despite more than six months having passed since the initial complaint, Zenith Bank has not taken what the firm considers sufficient steps, such as sending representatives to meet with the client or pursuing recovery of the funds from the relevant parties.
The letter further states that the bank’s responses have included warnings about potentially reporting AMSCO Nig. Ltd’s directors to law enforcement and the reassignment of Mrs. Esekody to another branch.
The firm attributes the transaction discussions to the established banker-customer relationship, in which Mrs. Esekody acted in her official capacity as the bank’s representative. It quotes: “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.”
Seasons Law Firm indicates that it has instructions to commence legal proceedings against PFI Capital Limited, Mrs. Anwulika Esekody (in her personal capacity), and Zenith Bank (as the former employer/principal).
Additionally, the firm states it has been authorized to make the details of the matter public during any forthcoming litigation and until resolution, in order to inform the public and protect other customers.
Our correspondent reports that this matter remains at the stage of allegations contained in the law firm’s correspondence. There is no public indication at this time of any admissions, court judgments, or official findings regarding the claims.
Zenith Bank has not issued a public statement specifically addressing these particular allegations in the available reports.
