Moniepoint drags Alerzo to Court over ₦4.3bn debt

By Akin Kuponiyi

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

Joined as co-defendants in the debt recovery suit are the Managing Director and alter ego of the company, Opaleye Adewale Adesina; three guarantors of the loan-Opaleye Bukola Modinat, Dauda Hakeem Omotayo Taiwo and another limited liability company, Alerzo Pte Limited.

In an affidavit in support of an application sworn to by the bank’s Loan Recovery Officer, Mr Fredrick Sani, and filed and argued by Lagos-based lawyer Adetunji Adedoyin-Adeniyi, the deponent stated that Alerzo Limited, with its registered business address at Building 15A, Ojoyeye Olodo, Egbeda, Ibadan, Oyo State, applied for a ₦5 billion working capital loan facility vide a board resolution dated 20 January 2025 to meet its business requirements.

He said Moniepoint Microfinance Bank Limited approved and disbursed the loan to the company for a tenure of 18 months.

According to the affidavit, by virtue of Clauses 10.1, 10.1.1, 10.1.2 and 10.1.12 of the Loan Agreement dated 29 July 2025, the bank reserved the right to demand immediate repayment of the outstanding sum where the defendants defaulted for a period of 24 hours or upon service of a demand letter.

The bank, he said, issued a formal demand letter dated 18 November 2025, requesting the defendants to liquidate their indebtedness.

However, despite the demand, the defendants allegedly failed to take steps to repay the loan, which continued to attract interest.

Sani stated that the defendants, having benefited from the loan facility, failed to repay the outstanding sum despite repeated assurances, rendering the effort to recover the debt unsuccessful.

He disclosed that as at 3 December 2025, the defendants’ total indebtedness stood at ₦4,381,662,054.47.

The affidavit further stated that the defendants had not been accessible for personal service of court processes, making substituted service necessary.

It added that the 5th defendant’s last known address is No. 160, Robinson Road #14-04, Singapore 068914, which is outside the court’s jurisdiction.

After hearing the plaintiff’s application, Justice Daniel Osiagor granted an order of Mareva injunction, restraining the listed financial institutions from dealing in any manner whatsoever with the defendants’ funds and assets in any account maintained by them, their agents, privies, subsidiaries or sister companies, up to the sum of ₦4,381,662,054.47, pending the hearing and determination of the motion on notice.

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

Justice Osiagor further granted leave for substituted service on the 2nd to 4th defendants by pasting court processes at their last known addresses, and leave to serve the 5th defendant outside jurisdiction by courier to its Singapore address.