Moniepoint Alerzo debt recovery: Lagos court freezes accounts of Alerzo Limited and guarantors over alleged ₦4.38bn loan default

Moniepoint Microfinance Bank Limited has dragged Alerzo Limited and its key executives before the Federal High Court in Lagos over an alleged debt of ₦4,381,662,054.47.

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Joined as co-defendants are the Managing Director and alter ego of Alerzo, Opaleye Adewale Adesina; three guarantors—Opaleye Bukola Modinat, Dauda Hakeem Omotayo Taiwo—and a related company, Alerzo Pte Limited.

In an affidavit filed by the bank’s Loan Recovery Officer, Fredrick Sani, and argued by Lagos-based lawyer Adetunji Adedoyin-Adeniyi, the bank stated that Alerzo Limited applied for a ₦5 billion working capital loan via a board resolution dated January 20, 2025.

The facility, approved by Moniepoint for an 18-month tenure, was disbursed to meet the company’s business requirements.

The affidavit cited Clauses 10.1, 10.1.1, 10.1.2, and 10.1.12 of the loan agreement, which grant the bank the right to demand immediate repayment in the event of default within 24 hours or upon service of a formal demand letter.

The bank issued such a demand on November 18, 2025, requesting settlement of the outstanding sum.

Despite repeated assurances, the defendants allegedly failed to repay the loan, which continued to accrue interest. As of December 3, 2025, the total indebtedness stood at ₦4,381,662,054.47.

The affidavit further indicated that the defendants had been largely inaccessible for personal service of court processes, necessitating substituted service. The 5th defendant, Alerzo Pte Limited, is based in Singapore.

Justice Daniel Osiagor granted a Mareva injunction restraining the listed financial institutions from dealing with the defendants’ funds or assets in any accounts they maintain, directly or indirectly, up to the sum of ₦4,381,662,054.47 pending the determination of the matter.

The court also ordered the financial institutions to disclose the balances in the defendants’ accounts within seven days of service.

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Additionally, Justice Osiagor approved substituted service on the 2nd to 4th defendants by posting court documents at their last known addresses, and allowed service on the 5th defendant outside the jurisdiction via courier to Singapore.