B2B e-commerce startup Alerzo has dismissed claims that it is selling off its assets, clarifying that only scrap items and non-functional vehicles are being disposed of.
The company’s founder and Chief Executive Officer, Adewale Opaleye, made the clarification on Thursday during a chat with Nairametrics.
A viral video circulating online showed several vehicles parked within the company’s premises, suggesting that Alerzo had put them up for sale.
However, Opaleye described the footage as misleading. He insisted that the vehicles captured in the video were not operational assets earmarked for sale. He also noted that the company does not operate motorcycles.
According to him, Alerzo remains fully operational, with more than 400 vehicles still in active use across its network.
“What we are doing is not unusual. It is normal business practice to clear out assets that are no longer functional. Every business does that,” he said.
While acknowledging that the company is facing a debt issue with Moniepoint Microfinance Bank Limited, Opaleye stressed that the disposal of faulty vehicles is unrelated to the ongoing matter.
In January 2026, the Federal High Court granted Moniepoint a Mareva injunction against Alerzo Limited and its associates. The order restrained financial institutions from releasing funds linked to the defendants pending the determination of the debt dispute.
The bank instituted the action against Alerzo Limited, its Managing Director Opaleye Adewale Adesina, three guarantors — Opaleye Bukola Modinat, Dauda Hakeem Omotayo Taiwo — and Alerzo PTE Limited, a Singapore-based entity.
Court documents show that Alerzo applied for the loan through a board resolution dated January 20, 2025, to meet working capital needs.
Moniepoint approved the facility for 18 months, with terms allowing immediate recall in the event of default.
Despite a demand letter issued on November 18, 2025, the defendants allegedly failed to settle the outstanding debt. As of December 3, 2025, the bank claimed the balance stood at ₦4.38 billion, with interest continuing to accrue.
The bank further alleged challenges in serving court processes on some guarantors, stating that they were unreachable at their known addresses. Alerzo PTE Limited, traced to Singapore, required leave of court for substituted service via courier.
Founded as a fast-growing B2B commerce platform, Alerzo built a distribution network that supplied goods directly to neighbourhood retailers, bypassing traditional wholesalers.
The model aimed to offer lower prices, faster delivery, and improved efficiency for small retail shops.
At its peak, the company raised about $20 million in funding and expanded operations across Lagos, Oyo, Ogun, and other states in Southwest Nigeria, employing hundreds of staff.
However, the capital-intensive nature of logistics began to weigh heavily on its finances.
By 2023, the company initiated layoffs as it struggled with rising operating costs, including vehicle maintenance, fuel expenses, driver wages, and warehousing costs in a low-margin sector.
Despite the ongoing legal and financial challenges, Opaleye maintains that the company remains in business and continues to serve retailers across its operating regions.
