After Uber exit, another firm ends Nigerian operation

Moove, the global mobility technology company founded in Lagos, has announced plans to conclude its operations in Nigeria six years after commencing business in the country.

As part of its exit, the company said it will transfer full ownership of eligible vehicles, valued at approximately N35 billion, to existing customers at no additional cost.

Under the arrangement, eligible customers will become outright owners of the vehicles they currently operate, with no further payments to Moove for the vehicles from October 1, 2026.

The company also announced that all its Nigerian employees will receive a vehicle as part of its exit package.

Moove did not disclose a specific reason for ending its Nigerian operations but said the decision was influenced by the important role the country played in the company’s development.

Daily Trust reports that the move is coming about a month after another global mobility company, Uber, halted Nigerian operations.

“As Moove concludes its Nigerian operations, eligible vehicles with an estimated total value of approximately N35 billion 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,” the company said in a statement, adding, “Moove will also reward all staff members with a Free Car as a sign of appreciation.”

The company announced the exit just as an economist, Marcel Okeke in a chat with Daily Trust said the rising fuel prices must have triggered the exit of Moove, saying it made the business unsustainable.

Okeke expressed concern about the implications of rising operating costs for businesses and individuals.

Okeke noted that Moove’s departure came about a month after Uber announced the shutdown of its operations in Nigeria, raising questions about the sustainability of mobility businesses in the current economic environment.

He linked the situation to the high cost of petrol, which he said had significantly increased transportation expenses across the country.

According to him, intercity and intracity transport fares have risen sharply as operators pass higher fuel costs on to commuters.

Co-Founder, Co-CEO and Advisory Board Chairman of Moove, Ladi Delano, said Nigeria remained central to the company’s history and growth.

However, he explained that Moove is quitting Nigeria because the loss of Uber, the principal platform behind its Nigerian model, left the business unable to sustain its operations in the market.

Delano described Uber as the platform that supported Moove’s Nigerian model at scale, and said its departure materially changed the operating environment in Nigeria. Moove assessed the alternatives and the economics of continuing and concluded it could not sustain its Nigerian operating model.

He said, “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. Eligible vehicles worth approximately ₦35 billion will pass into full ownership of the customers who operate them, with no further payment to Moove required for the vehicles themselves.

“To our Nigerian team, thank you. Your commitment, resourcefulness and belief in the mission carried Moove through its earliest and most important years. You turned an idea that began in Lagos into a company that now operates across 29 cities globally. Jide and I will always be grateful for what you have built and for the way you have represented Moove.

“To our customers, thank you for partnering with us and realising our collective ambitions. To our partners, regulators and the wider community, thank you for supporting a young Nigerian company and helping it grow into a global business.

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

He noted that the company’s earliest customers took a chance on Moove when it was still a new concept, helping establish the foundation for its subsequent expansion into international markets.

According to Delano, more than 9,000 customers have used Moove’s Drive to Own and rental products in Nigeria since the company commenced operations.

Vehicles financed through the platform have helped customers generate approximately N57 billion in revenue.

He described the company’s departure from Nigeria as an emotional moment, saying the transfer of the vehicles was intended to demonstrate Moove’s appreciation for customers who contributed to its journey.

Moove said it would work directly with affected customers and employees throughout the transition and vehicle ownership transfer process.

From 76 vehicles to global expansion

Moove was founded in Lagos in 2020 by Ladi Delano and Jide Odunsi after identifying a financing gap among mobility entrepreneurs who wanted to earn income as drivers but lacked access to vehicle financing.

The company initially launched with 76 vehicles in Lagos, introducing its Rental and Drive to Own models to provide drivers with access to vehicles and a pathway to ownership.

Since then, Moove has expanded internationally and now operates approximately 42,000 vehicles across 29 cities globally.

Its Nigerian exit comes shortly after the company raised $250 million in a Series C funding round, which valued Moove at $2.1 billion and elevated it to unicorn status.

The funding round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, alongside several other international investors.

Based on publicly announced transactions, Moove’s $250 million Series C remains one of the largest single funding rounds announced by an African startup in 2026.