Alerzo has commenced the liquidation of its delivery fleet, including shuttle buses, delivery vans and dispatch motorcycles, to settle an outstanding ₦4.38 billion debt.
The decision was made after a Federal High Court order in Lagos, in early February, froze the assets of the company three weeks ago, over refusal to pay back a ₦5 billion 18 months repayment loan from Moniepoint Microfinance Bank.
Alerzo, which was founded as a digital bridge between manufacturers and small retailers, secured $20 million in funding to digitize the retail supply chain in the Southwest.
The company invested heavily in an internal logistics network across Lagos, Oyo, and Ogun states, in order to maintain low prices and fast delivery.
However, the high costs of vehicle maintenance, fuel, and labor, combined with thin profit margins, strained the cash flow of the company.
In January 2025, Alerzo secured a ₦5 billion working capital loan from Moniepoint. By late 2025, the startup failed to meet repayment schedules, prompting legal action from the Moniepoint Microfinance Bank to recover the remaining ₦4.38 billion plus accrued interest.
The court-appointed liquidators have been dispatched to evaluate the total value of the physical assets of Alerzo, and the liquidation process will continue through March 2026.
