Manny Ita –
In January, the Federal High Court in Lagos granted Moniepoint Microfinance Bank Limited a Mareva injunction against Alerzo Limited and its associates, restraining financial institutions from releasing funds linked to the defendants pending the resolution of an alleged debt dispute.
The bank instituted the action against Alerzo Limited; its Managing Director, Opaleye Adewale Adesina; three guarantors — Opaleye Bukola Modinat, Dauda Hakeem Omotayo Taiwo; and Alerzo PTE Limited, a Singapore-based entity.
According to court documents, Alerzo Limited applied for the loan through a board resolution dated January 20, 2025, to meet its working capital requirements. Moniepoint approved the facility for an 18-month tenure, with provisions allowing for immediate recall in the event of default.
The bank stated that despite issuing a demand letter on November 18, 2025, the defendants allegedly failed to liquidate the outstanding obligation. As of December 3, 2025, the debt stood at N4.38 billion, with interest continuing to accrue.
Moniepoint further alleged difficulties in serving court processes on the guarantors, noting that they were not accessible at their known addresses. It added that the fifth defendant, Alerzo PTE Limited, was traced to Singapore, necessitating leave of court to effect substituted service by courier.
Alerzo was founded as a business-to-business commerce platform aimed at digitising Nigeria’s informal retail sector. The company built a distribution network that supplied inventory directly to neighbourhood retailers, bypassing traditional wholesalers, with a model designed to offer lower prices, faster delivery and improved efficiency for small shops.
At its peak, the company raised about $20 million in funding and expanded operations across Lagos, Oyo, Ogun and other states in the South-West, employing hundreds of staff.
However, the capital-intensive nature of its logistics operations began to strain its finances. By 2023, the company had initiated layoffs amid rising operating costs, including vehicle maintenance, fuel, driver salaries and warehousing expenses in what industry analysts describe as a low-margin sector.
