Segun Atanda/
Moniepoint Microfinance Bank Limited has dragged Alerzo Limited and its directors before the Federal High Court in Lagos over an alleged debt of ₦4.38 billion arising from a loan facility granted to the company.
The bank, in the suit, is seeking to recover the sum of ₦4,381,662,054.47, being the outstanding balance on a ₦5 billion working capital loan allegedly advanced to Alerzo Limited.
Joined as co-defendants 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 a related company, Alerzo Pte Limited.
In an affidavit sworn to by Moniepoint’s Loan Recovery Officer, Mr. Fredrick Sani, and filed by the bank’s counsel, Barrister Adetunji Adedoyin-Adeniyi, the bank told the court that Alerzo Limited applied for a ₦5 billion working capital loan vide a board resolution dated January 20, 2025.
According to the affidavit, the loan was approved and disbursed by Moniepoint Microfinance Bank Limited for a tenor of 18 months to enable the company meet its business working capital needs.
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 where the borrower defaults for as little as 24 hours or upon service of a demand letter.
Moniepoint told the court that a formal demand letter dated November 18, 2025 was served on the defendants, demanding liquidation of the outstanding indebtedness, but the defendants allegedly failed to comply.
The bank added that despite repeated assurances by the defendants to repay the loan, no concrete steps were taken, while interest continued to accrue on the facility.
As at December 3, 2025, the bank said the total indebtedness stood at ₦4,381,662,054.47.
The plaintiff also informed the court that efforts to personally serve court processes on the 2nd to 4th defendants had proved abortive, as they were no longer accessible 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 counsel to the plaintiff move the motion, Justice Daniel Osiagor granted far-reaching interim orders.
The court granted an order of Mareva injunction restraining several financial institutions listed before the court from dealing in any manner whatsoever with funds or assets belonging to the defendants, whether held directly or through agents, privies, subsidiaries or related companies, up to the sum of ₦4.38 billion, pending the determination of the motion on notice.
Justice Osiagor also ordered the affected banks to, within seven days of service of the order, disclose and file the balances in all accounts maintained by the defendants as at the date of the order.
In addition, the court granted leave to Moniepoint to serve the originating processes on the 2nd, 3rd and 4th defendants by substituted means, specifically by pasting the court documents at their last known addresses.
The court further granted leave for the plaintiff to serve court processes on the 5th defendant outside Nigeria by courier service to its last known address at No. 160, Robinson Road #14-04, Singapore.
The suit has been adjourned for further proceedings.
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