Moove exits Nigeria, transfers N35bn vehicles to customers

Moove, the global mobility company founded in Lagos, said it is transferring vehicles worth about N35bn to eligible Nigerian customers as it concludes its operations in the country after six years.

Under the arrangement, drivers currently operating eligible vehicles through Moove’s drive-to-own and rental products will take full ownership of the vehicles, with no further payment to the company required for the vehicles themselves from October 1, 2026.

The company announced the transfer on Thursday as part of its “Thank You Nigeria” initiative, which it said was designed to recognise the customers, employees, partners and communities that supported its growth from a Lagos start-up into an international mobility business.

The startup will also give all its Nigerian staff members a free car as part of the exit arrangements and said it would work directly with affected customers and employees to complete the ownership transfers.

“As Moove concludes its Nigerian operations, eligible vehicles with an estimated total value of approximately N35bn will pass into full ownership of the customers who currently operate them, with no payment to Moove required for the vehicles themselves from 1st October 2026. Moove will also be rewarded by all staff members with a free car as a sign of appreciation,” it stated in a news release.

Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove was created to address the difficulty faced by mobility entrepreneurs seeking access to vehicles and financing to earn a living through driving.

The company, a strategic ally to Uber, which exited a few weeks ago, started with 76 vehicles in Nigeria’s commercial capital and developed its rental and drive-to-own model to provide mobility entrepreneurs with access to vehicles and a pathway to ownership.

Since its launch, more than 9,000 customers have used its drive-to-own and rental products in Nigeria, with Moove-financed vehicles helping them generate approximately N57bn in revenue, the firm disclosed.

Co-founder and Advisory Board Chairman of Moove, Ladi Delano, described the Nigerian exit as an emotional moment for the company, noting that the country provided the starting point for its international expansion.

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

He said the company was founded on the belief that Nigerian mobility entrepreneurs needed access to vehicles and finance to build sustainable livelihoods.

“More than 9,000 customers have used our Drive-to-Own and rental products in Nigeria. Their work generated approximately N57bn in revenue through Moove-financed vehicles. Those numbers matter because they represent people earning, supporting their families and building their own futures,” he said.

Delano noted that the company wanted its departure to reflect its appreciation for the customers who helped build the business.

“This is an emotional moment for us. Nigeria gave Moove its beginning, its first customers and many of the people who built the foundations of our company. As we conclude our operations, we want our actions to reflect our gratitude,” he said.

The Nigerian operation has since become the foundation of a much larger international business. Moove said it now operates about 42,000 vehicles across 29 cities globally.

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The decision to end its Nigerian operations also comes amid changes in the country’s ride-hailing and mobility market. Uber, which launched in Lagos in 2014 and later expanded to other Nigerian cities, announced in September that it would cease operations in Nigeria after reviewing its business.

In an interview with BusinessDay, Delano said Uber’s departure had materially changed the operating environment for Moove and that the company concluded it could not sustain its Nigerian operating model after assessing the available alternatives and the economics of continuing.

“Uber was the principal platform supporting our Nigerian model at scale, so its departure had a significant effect on the business,” Delano said.

He said the company had reviewed its options before deciding to leave the country.

“Unfortunately, Uber’s departure materially changed the operating environment in Nigeria. We assessed the alternatives and the economics of continuing, and concluded that we could not sustain our Nigerian operating model. That was our decision, and we take responsibility for it,” he said.

Delano said the arrangement would allow customers to continue using the vehicles to generate income after Moove’s departure. “We want those vehicles to continue supporting livelihoods and families long after this chapter of Moove’s operations concludes,” he said.

The company also said its Nigerian employees would receive vehicles free of charge in recognition of their contribution to building the business. “To our Nigerian team, thank you. Your commitment, resourcefulness and belief in the mission carried Moove through its earliest and most important years,” Delano said.

“You turned an idea that began in Lagos into a company that now operates across 29 cities globally,” he added.

Delano said the company’s experience in Nigeria had also shaped its approach to mobility financing, particularly the relationship between vehicle financing, fuel costs, maintenance, fares, platform economics and drivers’ earnings.

He said access to vehicle finance alone was not sufficient to guarantee a sustainable mobility business.

“The model must work for the mobility entrepreneur and remain sustainable for the businesses supporting them. Our experience in Nigeria has made us more attentive to that balance,” he said.

Moove said its international operations would continue following the Nigerian wind-down, with the company maintaining its presence across 29 cities and about 42,000 vehicles.

Delano said its next phase would include expanding its role in autonomous mobility globally while continuing its drive-to-own business in existing markets. “Nigeria will always be where Moove started,” Delano said. “Wherever Moove goes next, our story will always start in Lagos.”