Moniepoint Microfinance Bank Limited has filed a major debt recovery suit against Alerzo Limited over an alleged N4.38 billion loan default. The Federal High Court in Lagos has already granted interim orders freezing the defendants’ bank accounts pending the determination of the case.
KEY DETAILS OF THE LAWSUIT
The suit was instituted by Moniepoint Microfinance Bank Limited against Alerzo Limited, its Managing Director, three loan guarantors and an affiliated foreign company.
The defendants include Opaleye Adewale Adesina, Opaleye Bukola Modinat, Dauda Hakeem Omotayo Taiwo and Alerzo Pte Limited.
The bank is seeking to recover a total sum of N4,381,662,054.47.
LOAN AGREEMENT BACKGROUND
According to court documents, Alerzo Limited applied for a N5 billion working capital loan in January 2025.
The loan was approved by Moniepoint under an 18 month facility agreement dated July 29, 2025.
The agreement allowed the bank to demand immediate repayment if the borrower defaulted for 24 hours or upon issuance of a demand notice.
DEFAULT AND DEMAND NOTICE
Moniepoint issued a formal demand letter dated November 18, 2025, requesting repayment of the outstanding debt.
Despite the demand and repeated assurances from the defendants, the loan remained unpaid and continued to accrue interest.
As of December 3, 2025, the total outstanding amount stood at N4.38 billion.
COURT ORDERS AND MAREVA INJUNCTION
Justice Daniel Osiagor granted an interim Mareva injunction restraining all listed financial institutions from dealing with the defendants’ funds.
The order applies to all accounts linked to the defendants, including those of agents, subsidiaries and sister companies, up to the claimed amount.
The court also directed the banks to disclose the balances in the defendants’ accounts within seven days.
SERVICE OF COURT PROCESSES
The court approved substituted service on the 2nd to 4th defendants by pasting court documents at their last known addresses.
Leave was also granted to serve the 5th defendant, Alerzo Pte Limited, by courier in Singapore.
The matter is pending the hearing of the motion on notice.
