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In a bid to recover a debt of N4,381,662,054.47, MONIEPOINT MICROFINANCE BANK LIMITED, has dragged a limited liability company, ALERZO LIMITED, before a Federal High Court, Ikoyi, Lagos.
Joined as co-defendants in the ensuing 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 ALERZO PTE LIMITED.
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In an affidavit in support of an application sworn to by the Loan Recovery Officer of Moniepoint Microfinance Bank Limited, Mr. Fredrick Sani, filed and argued before the court by a Lagos Lawyer, Barrister Adetunji Adedoyin-Adeniyi, the deponent averred thus:
- That the 1st Defendant Alerzo limited company with its registered business address situate at Building 15A, Ojoyeye Olodo Egbeda, Ibadan, Oyo State, applied for a working capital loan facility in the sum of N5,000,000,000.00 (Five Billion Naira} vide its Board Resolution dated 20th January, 2025 to enable it meet its working capital requirements for its business.
- That the Plaintiff pursuant to the Company’s application granted the loan facility to the company.
- The loan facility which was availed to the company by MONIEPOINT MICROFINANCE Bank Limited was for a period of 18 months.
- By virtue of the provision of Clause 10.1, 10.1.1, 40.1.2 and 10.1.12 of the Loan Agreement dated 29th July, 2025 the Bank reserves the right to call in the loan and demand repayment of the full outstanding amount in respect of the loan where the Defendants defaults for a period of 24 hours in repayment of the loan when due or a letter of demand has been served by the bank.
- The bank formally by its demand letter dated 18th November, 2025 demanded the Defendants to liquidate their indebtedness to the bank.
- However, despite the aforementioned letter, the Defendants did not take steps towards the liquidation of their indebtedness to the bank which was still subsisting and accruing interest charges.
- The Defendants having taken benefit of the loan facility availed to the Company by the bank have failed to repay the outstanding loan as and when due, thereby resulting in their indebtedness to the Plaintiff despite repeated assurances to liquidate same, which effort was in futility.
- Presently, the state of the Defendants’ indebtedness to the Plaintiff stood at the sum of N4,381,662,054.47 (Four billion, Three Hundred and Eighty -One Million, Six Hundred Sixty-Two Thousand, Fifty -Four Naira and Forty-Seven kobo) as at 3rd December, 2025.
- That the Defendants have not been accessible to personally receive any . correspondence or Court processes and as such, the 2nd to 4th Defendants or their privies, agents would not be able to be served with the originating processes by the Sheriffs of the Court.
- That the 5th Defendant’s last known address is No. 160, Robinson Road #14-04 Singapore, Singapore 068914; which is outside the jurisdiction of the Court and leave of this Court is required to serve by courier.
- That any attempt to serve the 2nd to 4th Defendants personally with the Plaintiff’s originating processes will prove abortive.
- If the originating process and other processes are posted on the last known address of the 2nd – 4th Defendants, the 2nd — 4th Defendants will have knowledge of the suit against them.
- The Plaintiff is able and hereby undertake to pay damages in the event the relives hereby sought are found to be undeserved and without merit and further undertakes to abide by any terms that may be imposed by the court for the grant of this application.
Upon reading the Affidavit in Support, the Exhibits attached and the Written Address dated and filed on the 4th day of December, 2025, in the Federal High Court Registry, deposed to by Fredrick Sani, and upon hearing A. Adedoyin-Adeniyi Esquire for the Plaintiff’s move in terms of the motion paper, the presiding Judge, Daniel OSIAGOR, ordered as follows:
- That an order of Mareva Injunction is granted restraining the financial institutions listed before the court in manner whatsoever with any and all monies and/or whatsoever assets due to the Defendants from any account whatsoever maintained by the Defendants, and also all accounts with their agents, privies, subsidiaries, sister companies or the like with any of the said Banks wherever situate up to the amount of the Plaintiff/Applicant’s total claim in the N4,381,662,054.47 (Four Billion, Three Hundred and Eighty-One Million, Six Hundred Sixty-Two Thousand, Fifty-Four naira and Forty-Seven Kobo), being the Defendants’ outstanding indebtedness as at 3rd December, 2025 in respect of the Temporary Loan Facility granted to the 1st Defendant by the Plaintiff and guaranteed by the 1st defendants, pending the hearing and determination of the motion on notice.
- That an order is granted directing the named financial institutions to file and serve on the Plaintiff’s counsel within 7 days of service of the order disclosing the balance on the defendants’ accounts whatsoever maintained with the banks as at the date of the order.
- That an order for leave is granted to the Plaintiff to serve the court processes, to wit: Originating Summons, Affidavit in support of the originating summons, written address in support of the originating summons with accompanying Exhibits {collectively “the originating processes”), the Motion on Notice for Mareva injunction and all other processes that may be issued in this suit on the 2nd 3rd: and 4th Defendants by way of substituted service; to wit: by pasting on the ,2nd and 3rd Defendants’ last known addresses.
- That an order for leave is granted to the Plaintiff to serve the court processes, out of jurisdiction of this Honourable Court, by sending same by courier service to the 5th Defendant’s last known address known as No. 160, Robinson Road #14-04 Singapore, Singapore 068914.