Moniepoint Microfinance Bank Limited has dragged e-commerce and fintech company, Alerzo Limited, its Managing Director and four others before the Federal High Court in Lagos over alleged default of a N4.38 billion loan.
The defendants in the suit are Alerzo Limited; its Managing Director and alter ego, Opaleye Adewale Adesina; three guarantors of the facility, Opaleye Bukola and Dauda Hakeem Omotayo Taiwo, and Alerzo Pte Limited.
In an affidavit in support of an application deposed to by Moniepoint’s Loan Recovery Officer, Mr. Fredrick Sani, and filed by the plaintiff’s counsel, Adetunji Adedoyin-Adeniyi, the bank stated that Alerzo Limited applied for a N5 billion working capital loan through a board resolution dated January 20, 2025, to meet its business requirements.
According to the affidavit, Moniepoint approved and disbursed the facility to the company for a tenor of 18 months.
The bank further stated 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 a default lasting 24 hours or upon service of a demand notice.
Moniepoint said that by a demand letter dated November 18, 2025, the defendants were formally requested to liquidate their indebtedness but failed to do so, despite repeated assurances.
The debt, the bank added, continued to attract interest.
As of December 3, 2025, the bank told the court, the defendants’ outstanding indebtedness stood at N4,381,662,054.47.
The bank also informed the court that the 2nd to 4th defendants could not be personally served with court processes as they were not accessible at their known addresses.
It added that the 5th defendant’s last known address—No. 160, Robinson Road, #14-04, Singapore 068914 is outside the court’s jurisdiction, requiring leave for service by courier.
After hearing counsel to the claimant and considering the affidavit and exhibits before the court, Justice Daniel Osiagor granted the application.
The judge issued a Mareva injunction restraining all financial institutions listed before the court from dealing in any manner with funds or assets belonging to the defendants, whether held directly or through agents, privies, subsidiaries or related entities, up to the sum of N4.38 billion, pending the determination of the motion on notice.
Justice Osiagor also ordered the affected banks to disclose and file the balances in all accounts operated by the defendants within seven days of being served with the order.
In addition, the court granted leave for substituted service of court processes on the 2nd to 4th defendants by pasting same at their last known addresses, and approved out-of-jurisdiction service on the 5th defendant by courier to its Singapore address.
The matter has been adjourned till February 16 for further hearing.
