Court Freezes Alerzo Assets in N4.38bn Loan Dispute

The Federal High Court in Lagos has 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 a debt recovery suit valued at N4,381,662,054.47.

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. The suit arises from an alleged default on a N5 billion loan facility granted in 2025.

Court documents reveal that Alerzo Limited applied for the loan through a board resolution dated January 20, 2025, to meet working capital requirements. Moniepoint approved the facility for 18 months, with provisions allowing immediate recall in the event of default.

Despite a demand letter issued on November 18, 2025, the Defendants  allegedly failed to liquidate their indebtedness. As of December 3, 2025, the outstanding balance stood at ₦4.38 billion, with interest charges continuing to accrue. 

The Bank further alleged difficulties in serving court processes on the guarantors, noting that they were inaccessible at their known addresses. The fifth Defendant, Alerzo PTE Limited, was traced to Singapore, requiring leave of court for substituted service by courier.

Justice Daniel Osiagor, presiding over the matter, granted Moniepoint’s application. The order restrains banks from releasing funds or assets belonging to the Defendants up to the value of the claim, and directs financial institutions to disclose balances in the Defendants’ accounts within seven days. 

The court also authorised substituted service of originating processes on the guarantors, by pasting notices at their last known addresses, and service on the Singapore-based Defendant via courier. 

The substantive motion on notice, will determine whether the injunction is sustained.