Moove Exits Nigeria, Transfers ₦35bn Vehicles to Customers

Moove, the global mobility and vehicle-financing company founded in Lagos, has announced its exit from Nigeria after six years, transferring vehicles worth approximately ₦35 billion to eligible customers.

The company said drivers currently using qualifying vehicles under its drive-to-own and rental programmes would take full ownership of the vehicles, with no further payment to Moove required for the vehicles themselves. The transfer takes effect from October 1, 2026.

The announcement was made on Thursday under the company’s “Thank You Nigeria” initiative, which it said was designed to appreciate the customers, employees, partners and communities that supported its growth from a Nigerian start-up into an international business.

Moove also announced that all its Nigerian employees would receive a car free of charge in recognition of their contributions to the company.

Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove was established to help mobility entrepreneurs access vehicles and financing to earn income through driving.

The company began operations with 76 vehicles in Lagos, developing rental and drive-to-own arrangements that enabled drivers to access vehicles and work towards ownership.

According to the company, more than 9,000 customers have used its rental and drive-to-own products in Nigeria. Drivers operating Moove-financed vehicles generated approximately ₦57 billion in revenue during the company’s time in the country.

Moove said it would work directly with affected customers and employees to complete the vehicle ownership transfers as it winds down its Nigerian operations.

Co-founder and Advisory Board Chairman Ladi Delano described the departure as an emotional moment, saying Nigeria provided the foundation for the company’s international expansion.

He said the company wanted its exit to recognise the people who helped build the business and ensure that eligible vehicles continued to support drivers’ livelihoods.

Moove now operates approximately 42,000 vehicles across 29 cities globally and said its international operations would continue after its Nigerian exit.

The decision comes shortly after Uber ended its Nigerian operations in September, reshaping the country’s app-based mobility market. Moove had relied heavily on ride-hailing platforms to support its vehicle-financing model.

Delano said Uber’s departure significantly changed the operating environment in Nigeria. After assessing available alternatives and the economics of continuing, Moove concluded that its Nigerian business model was no longer sustainable.

The company said its experience in Nigeria had reinforced the importance of balancing vehicle financing, operating costs, platform economics and drivers’ earnings to sustain mobility businesses.