JUST IN: Moove shuts down Nigeria operations, transfers vehicle ownership to customers

Moove, the Nigerian-born global mobility company, has announced that it will conclude its operations in Nigeria, six years after the company was founded in Lagos.

As part of its exit, Moove said it will transfer full ownership of eligible vehicles worth approximately ₦35 billion to the customers currently operating them, at no additional cost. 

Under the initiative, customers receiving the vehicles will own them outright, with no further payment to Moove required for the vehicles themselves from October 1, 2026.

The company described the move as its “Thank You Nigeria” initiative, aimed at recognising the customers, employees, partners and communities that supported the company from its beginnings.

Moove was founded in Lagos in 2020 by Ladi Delano and Jide Odunsi after they identified the difficulty faced by mobility entrepreneurs in accessing vehicle financing.

The company initially started with 76 vehicles in Lagos and developed its Rental and Drive-to-Own model, allowing drivers to access vehicles and work towards ownership.

According to Moove, more than 9,000 customers have used its Drive-to-Own and rental products in Nigeria since its launch. The company says those customers generated approximately ₦57 billion in revenue through Moove-financed vehicles. 

Despite its Nigerian exit, Moove has expanded significantly internationally and now operates 42,000 vehicles across 29 cities globally, according to the company. 

Staff to receive free cars

Moove also announced that all its Nigerian staff members will receive a free car as part of its appreciation for their contribution to the company.

Ladi Delano described the Nigerian exit as an emotional moment, stressing that Nigeria provided Moove with its first customers and the people who built the foundation of the business.

“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said. 

He said the company would continue its international expansion while ensuring that its global success would not forget its Nigerian roots.

Moove said it will work directly with affected customers and employees as it winds down its Nigerian operations and completes the transfer of eligible vehicles. 

Why the exit is significant

The announcement comes about a month after Uber announced its exit from Nigeria, a development that had created uncertainty for drivers whose vehicles were financed through Moove.

Indeed, reports in September indicated that Moove was considering leaving Nigeria following Uber’s departure, because of the impact on its vehicle-financing business. 

Moove’s latest announcement confirms that it has now decided to conclude its Nigerian operations.

The exit is particularly significant because Moove itself was built around the Nigerian ride-hailing market and subsequently grew into one of Africa’s major technology companies. Its latest international expansion has increasingly focused on mobility infrastructure and autonomous vehicles. 

Bottom line: Moove is not simply repossessing or selling off its Nigerian fleet. It says eligible customers will receive ownership of approximately ₦35 billion worth of vehicles free of further vehicle payments, while the company winds down its Nigerian operations.