LAGOS/IBADAN — The legal battle between Alerzo and Moniepoint has entered a critical phase, exposing the fragility of Nigeria’s B2B e-commerce sector. Following a Mareva injunction granted by the Federal High Court in Lagos, Alerzo’s accounts remain frozen as it struggles to resolve a ₦4.38 billion debt (as of Dec 2025).
This crisis highlights a painful transition for venture-backed firms: moving from “growth at all costs” to “survival at all costs” in an environment of 27% interest rates and skyrocketing logistics overheads.
The Anatomy of the ₦5 Billion Disconnect
In January 2025, Moniepoint extended a ₦5 billion working capital loan to Alerzo, designed to stabilize inventory for its massive network of neighborhood retailers. However, the 18-month tenor quickly became a burden as economic shifts eroded the company’s thin margins.
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Fixed Cost Trap: Aggressive expansion between 2020 and 2022 saw Alerzo scale its workforce to over 2,000 and invest heavily in a proprietary fleet.
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The Margin Squeeze: High fuel costs and Naira depreciation turned last-mile delivery—once a competitive advantage—into a massive financial drain.
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Workforce Contraction: In an attempt to stem losses, Alerzo slashed its staff from 2,000 to fewer than 800 between 2022 and 2024.
The “Ibadan Fleet” Controversy
Social media videos of Alerzo-branded vehicles parked en masse at its Ibadan hub fueled rumors of a complete shutdown. CEO Adewale Opaleye has pushed back against this narrative, clarifying the company’s stance:
“We are selling scrap assets… we still have over 400 vehicles that we are currently running.” — Adewale Opaleye, CEO of Alerzo
Despite these assurances, the court-ordered asset disclosure and account freeze mean that even routine operations are now subject to intense legal scrutiny.
A Continental Trend: The Liquidation Wave
Alerzo’s struggle is part of a broader “tightening” across the African continent. As capital becomes more expensive, asset-heavy business models are under siege.
Analysis: The “Digital Distributor” Reckoning
Alerzo was founded in 2019 to modernize the informal retail supply chain. While it successfully raised over $20 million from investors like Nosara Capital and FJ Labs, the 2026 reality is that “tech-enabled” logistics is still subject to the same physical costs as traditional trucking.
As Moniepoint uses its data-driven “moat” to pursue recovery (Piece 86), the case serves as a warning: data can predict revenue, but it cannot stop the rising price of diesel or the impact of a court-ordered freeze.
