Alerzo Clarifies Asset Sale Claims, Denies Selling Functional Vehicles

Alerzo B2B e-commerce startup clarified it is not selling functional assets, stating only scraps and faulty vehicles are being scrapped. Founder Adewale Opaleye told Nairametrics the circulating video misrepresented company assets as for sale. While acknowledging a debt dispute with Moniepoint, he emphasized the asset liquidation is unrelated to the N4.38 billion loan default case. The company maintains over 400 operational vehicles and remains active despite financial challenges. Court documents show Moniepoint secured a Mareva injunction against Alerzo and associates in January 2025 over the defaulted loan. Alerzo's logistics model faced strain from rising operational costs, leading to layoffs in 2023. The company raised $20 million at peak but operates across Lagos, Oyo, and Ogun states.

SOURCE: https://nairametrics.com/2026/02/26/nigerian-startup-alerzo-says-only-scrap-vehicles-are-being-sold/