Moniepoint has sued Alerzo and Directors over ₦4.38bn loan and secured asset freeze order.
NewsOnline Nigeria reports that Moniepoint Microfinance Bank Limited has dragged Alerzo Limited and its directors before the Federal High Court in Lagos over an alleged ₦4.38 billion debt arising from a loan facility granted to the company.
In the suit, Moniepoint is seeking to recover the sum of ₦4,381,662,054.47, said to be the outstanding balance on a ₦5 billion working capital loan allegedly advanced to Alerzo Limited.
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Also joined as co-defendants are the Managing Director and alleged alter ego of the company, Opaleye Adewale Adesina; three guarantors of the loan: Opaleye Bukola Modinat, Dauda Hakeem Omotayo Taiwo; and a related firm, Alerzo Pte Limited.
According to an affidavit sworn to by Moniepoint’s Loan Recovery Officer, Mr. Fredrick Sani, and filed by the bank’s counsel, Barrister Adetunji Adedoyin-Adeniyi, Alerzo Limited applied for the ₦5 billion loan through a board resolution dated January 20, 2025.
The bank stated that the facility was approved and disbursed for a tenor of 18 months to enable the company meet its working capital needs.
Moniepoint further told the court that under clauses 10.1, 10.1.1, 10.1.2 and 10.1.12 of the loan agreement dated July 29, 2025, it reserved the right to demand immediate repayment of the outstanding sum in the event of default for as little as 24 hours or upon service of a demand notice.
The bank said a formal demand letter dated November 18, 2025 was served on the defendants, requesting immediate liquidation of the debt, but the defendants allegedly failed to comply.
Despite repeated assurances to repay the loan, Moniepoint alleged that no concrete steps were taken by the defendants, while interest continued to accrue on the facility. As of December 3, 2025, the total indebtedness stood at ₦4,381,662,054.47.
The plaintiff also informed the court that attempts to personally serve court processes on the 2nd to 4th defendants were unsuccessful, as they could no longer be reached at their known addresses. It added that the 5th defendant, Alerzo Pte Limited, has its last known address in Singapore, outside the jurisdiction of the court.
Following the filing of the application and written address dated December 4, 2025, and after hearing the plaintiff’s counsel, Justice Daniel Osiagor granted several interim orders.
The court issued a Mareva injunction restraining multiple financial institutions listed in the suit from dealing in any manner with funds or assets belonging to the defendants, whether held directly or indirectly, up to the sum of ₦4.38 billion, pending the determination of the motion on notice.
Justice Osiagor also ordered the affected banks to disclose and file, within seven days of service of the order, the balances of all accounts maintained by the defendants as at the date of the ruling.
In addition, the court granted Moniepoint leave to serve the 2nd, 3rd and 4th defendants through substituted means by pasting court documents at their last known addresses, and approved service of processes on the 5th defendant outside Nigeria via courier to its address in Singapore.
The case has been adjourned for further proceedings.
