• Over 9,000 customers to receive full ownership of vehicles
•Firm exiting Nigeria after six years
Emmanuel Addeh in Abuja
Moove, the mobility financing company founded in Lagos, is winding down its operations in Nigeria, offering eligible customers full ownership of vehicles valued at about N35 billion as it brings its six-year Nigerian journey to an end.
The decision makes Moove the latest major mobility company to leave the Nigerian market, coming barely a month after ride-hailing giant Uber announced the shutdown of its operations in the country. Uber is an investor in Moove.
Under Moove’s exit arrangement, customers who qualify for the vehicle transfer programme will become the outright owners of the cars they currently operate, without making any further payment to the company for the vehicles from October 1, 2026.
The company also announced a separate gesture for its employees, saying every staff member would be rewarded with a free car.
Moove did not give a specific reason for its decision to discontinue its Nigerian operations. Instead, it described the country as the foundation of its growth and said its exit package was designed to recognise the contribution of customers and employees to the business.
The company’s CO-Founder, Co-CEO and Advisory Board Chairman, Ladi Delano, said Nigeria remained central to the company’s identity despite its expansion into international markets.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said.
He recalled that the company’s earliest customers took a chance on Moove when it was still an idea, describing their support as the foundation on which the company built its international operations.
According to Moove, more than 9,000 customers have used its Drive to Own and rental products in Nigeria since the company began operations, while vehicles financed through its platform have generated about N57 billion in revenue.
Delano said the figures represented more than business transactions, as the vehicles had enabled customers to earn incomes, support families and build livelihoods.
He described the decision to transfer the vehicles to customers as an emotional one, saying it was intended to reflect the company’s appreciation for those who helped build its Nigerian business.
Moove said it would engage directly with affected customers and employees throughout the process of winding down its Nigerian operations and transferring eligible vehicles.
The company was founded in Lagos in 2020 by Delano and Jide Odunsi after identifying difficulties faced by mobility entrepreneurs who wanted to drive for a living but could not access vehicle financing.
Starting with just 76 vehicles in Lagos, Moove developed its Drive-to-Own and rental models, allowing drivers to access vehicles while providing a route towards ownership.
The company subsequently expanded outside Nigeria and now operates about 42,000 vehicles across 29 cities globally.
Its Nigerian exit comes only months after Moove raised $250 million in a Series C funding round that valued the company at $2.1 billion, making it one of Africa’s unicorns.
The funding was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific, with participation from several new and existing investors.