Nigerian B2B e-commerce firm Alerzo is facing intensifying financial strain after the Federal High Court in Lagos ordered the freezing of its accounts and assets over a disputed ₦5 billion (approximately $3.7 million) loan from Moniepoint Microfinance Bank.
The court granted a Mareva injunction in January 2026, restraining financial institutions from releasing funds linked to Alerzo Limited and associated parties pending the determination of the suit.
Court filings show that as of December 3, 2025, the company’s outstanding obligation stood at ₦4.38 billion (about $3.2 million), with interest continuing to accrue.
The loan, approved in January 2025 for an 18-month tenor, was intended to fund working capital and stabilise inventory supply to Alerzo’s network of neighbourhood retailers.
Repayment challenges emerged within months, underscoring the pressure facing high-volume, low-margin distribution businesses operating in Nigeria’s volatile economic environment.
Asset sale speculation and CEO response
Videos circulating on social media showed rows of Alerzo-branded motorcycles and buses parked at its Ibadan facility, prompting speculation that the company was liquidating its operations.
Chief Executive Officer Adewale Opaleye has denied that Alerzo is disposing of its operating fleet. He said the company is selling scrap assets and maintains that more than 400 vehicles remain in active service.
According to him, the asset sales are unrelated to the Moniepoint debt proceedings.
From venture-backed expansion to cost pressure
Founded in 2019, Alerzo positioned itself as a technology-driven distributor connecting fast-moving consumer goods manufacturers directly to informal retailers.
By integrating digital ordering, payments and last-mile logistics, it sought to improve pricing efficiency and access to inventory for small shops.
During Africa’s venture capital boom between 2020 and 2022, the company raised more than $20 million in equity funding from investors including Nosara Capital, FJ Labs, Baobab Network and Signal Hill.
After securing a $10.5 million Series A round, Alerzo expanded aggressively across south-west Nigeria.
That growth significantly increased its fixed cost base. Heavy spending on vehicles, fuel, warehousing and personnel eroded margins.
Although the company reported breakeven in the third quarter of 2021 while operating in two cities, nationwide expansion coincided with currency depreciation, rising fuel prices and weakening consumer demand.
Between 2022 and 2024, Alerzo implemented multiple layoffs, reducing its workforce from more than 2,000 employees to fewer than 800.
Rising corporate distress across Africa
While there is no consolidated data showing the total number of companies liquidated in Nigeria in recent months, broader continental trends indicate rising business distress.
In South Africa, BusinessTech reported that just under 100 businesses were liquidated in the first month of 2026.
Statistics South Africa recorded 96 closures in the opening weeks of the year, with a quarter concentrated in the finance, insurance, real estate and business services sector.
The logistics and transport sector has been particularly affected. Flexi Fuel Logistics (Pty) Ltd was recently placed in provisional liquidation. SA Relocations Group faces legal action after ceasing operations.
Major logistics provider RTT is grappling with severe profitability challenges, while SA Express entered final liquidation in 2022.
These developments mirror challenges facing asset-heavy businesses across the continent, especially those exposed to fuel price volatility, currency swings and tightening credit conditions.
Alerzo’s situation unfolds against this wider backdrop of tightening capital conditions, rising operating costs and increased pressure on asset-heavy business models across Africa.
