Alerzo CEO Denies Selling Scrap Vehicles Amid Debt Issues

Alerzo, a Nigerian B2B e-commerce startup, has faced allegations of selling scrap vehicles, which CEO Adewale Opaley refuted in a video statement. He clarified that the vehicles shown in a viral video were misrepresented and are not for sale.

Alerzo does not utilize motorcycles and acknowledges existing debt issues. The company is currently under a federal high court ruling in Lagos that grants Moniepoint Microfinance Bank a Mareva injunction against Alerzo, limiting its access to funds associated with the ongoing debt dispute.

The court process has been complicated by difficulties in serving court documents to Alerzo's guarantor, who has an inaccessible address. Despite these challenges, Alerzo continues to operate, having expanded its distribution network across Lagos, Oyo, and Ogun State, employing hundreds of staff.

However, the capital-intensive nature of logistics has strained the company's finances in 2023, affecting vehicle maintenance, fuel, driver salaries, and warehouse expenses.