Nigerian B2B e‑commerce platform Alerzo is disposing of large parts of its delivery fleet, including buses, motorcycles, and operational vehicles, as it contends with a N4.38 billion debt owed to Moniepoint Microfinance Bank.
Alerzo
Footage of the company’s facility in Ibadan, packed with dusty Alerzo‑branded motorcycles and buses, circulated on social media on Thursday, with a background voice inviting buyers to purchase the vehicles in bulk. The asset sale follows a Federal High Court order in Lagos that froze Alerzo’s accounts and assets after the company defaulted on a N5 billion working‑capital loan obtained in January 2025 from Moniepoint.
By December 2025, the outstanding balance on the loan reached N4.38 billion, with interest still accruing.
What the Company Says
While Alerzo has not issued an official public statement, insiders close to the company attribute the business downturn to the harsh macroeconomic conditions in Nigeria, including rising fuel and logistics costs, inflation‑driven price pressures, and tight credit.
“They tried their best. They did everything to stay afloat and keep several young Nigerians under their employment, but several economic factors were against them,” said a source close to the company.
Facing severe financial strain, Alerzo reportedly turned to Moniepoint in early 2025 for emergency funding to stabilise operations and maintain inventory supply to retailers. The facility was initially structured as an 18‑month loan, with a clause allowing Moniepoint to recall it immediately in case of default.
Despite a demand letter issued on November 18, 2025, Alerzo allegedly failed to fully repay the debt, triggering the bank’s legal action.
Court Order and Legal Proceedings
In January 2026, the Federal High Court in Lagos granted Moniepoint Microfinance Bank Limited a Mareva injunction against Alerzo Limited and its associates, directing all financial institutions to freeze accounts and assets linked to the defendants pending the resolution of the case.
The bank’s suit names Alerzo Limited, its Managing Director Adewale Opaleye Adesina, three guarantors – Opaleye Bukola Modinat, Dauda Hakeem Omotayo Taiwo, and the Singapore‑based Alerzo PTE Limited – as defendants. Court documents show that Alerzo sought the N5 billion facility through a board resolution dated January 20, 2025, to meet working capital and inventory supply needs.
Moniepoint argued that despite the demand notice, the defendants did not liquidate their obligation, leaving a N4.38 billion balance as of December 3, 2025. The bank also complained of difficulties in serving court processes on some guarantors at their known addresses, with the Singapore‑registered entity requiring substituted service via courier.
CEO’s Clarification on Asset Sales
Alerzo’s Chief Executive Officer, Adewale Opaleye, has since clarified that the company is only selling scrap vehicles and not its core operational fleet. He stated that Alerzo still operates over 400 active delivery vehicles, and the sale of the idle and damaged units does not signify a full shutdown of logistics operations.
According to Opaleye, the disposed assets were mainly old or non‑functional units withdrawn from service, and the exercise forms part of an internal asset‑optimisation drive unrelated to the Moniepoint loan dispute.
Startup Model and Macroeconomic Toll
Founded as a B2B e‑commerce and distribution platform, Alerzo developed a network that supplied fast‑moving consumer goods directly to neighbourhood retailers, cutting out middlemen and promising lower prices, faster delivery, and improved stock efficiency for small shops.
At its peak, the company raised about $20 million in venture funding and expanded across Lagos, Oyo, Ogun, and other southwestern states, employing hundreds of staff and building a large fleet of delivery vehicles. However, the capital‑intensive logistics and low‑margin nature of the business began to weigh heavily on the balance sheet, especially as fuel, maintenance, driver salaries, and warehousing costs surged.
By 2023, Alerzo had initiated layoffs to cut costs and restructure operations, reflecting the broader pressure on Nigerian startups that scaled up during the 2020–2022 venture‑capital boom but now struggle with tighter funding, higher operating costs, and slower growth.
Broader Trend in Nigerian Startups
Alerzo’s woes echo wider challenges facing the Nigerian tech ecosystem. Between 2023 and 2025, several once‑promising startups shut down or scaled back operations.
For example, 54gene, a genomics company once valued at over $150 million and backed by Y Combinator and Adjuvant Capital, folded in 2023, with reports citing governance and restructuring issues. In 2024, fintech startup Thepeer also ceased operations after failing to drive market adoption for its digital‑wallet product; the company pointed to compliance burdens and slow consumer uptake as key reasons, despite a $2.1 million seed round raised in June 2022.
Analysts say Alerzo’s situation underscores the risks of high‑burn logistics models in a difficult macro environment, and the need for startups to align unit economics, funding runway, and regulatory costs with real‑market conditions.
