KEY POINTS
- Moove will end its Nigerian operations, six years after launching in Lagos.
- The company will transfer eligible vehicles worth about N35 billion to customers without further payment for the vehicles.
- The exit follows Uber’s announced withdrawal from Nigeria after 12 years.
- Moove said customers using its financed vehicles have generated about N57 billion in revenue since its entry into the country.
MAIN STORY
Moove, the mobility financing company founded in Lagos in 2020, will close its Nigerian operations and transfer eligible vehicles worth approximately N35 billion to customers currently using them, without requiring further payment for the vehicles.
The company said the transfers would take effect from October 1, 2026, as it winds down its operations in the country.
The decision comes barely a month after Uber announced its withdrawal from Nigeria, ending 12 years of operations in the country.
Founded by Ladi Delano and Jide Odunsi, Moove began operations in Lagos with 76 vehicles, using a rental and drive to own model to help mobility entrepreneurs access vehicles and work towards ownership.
The company said it has since expanded to 29 cities globally, with a fleet of 42,000 vehicles. In Nigeria, it has served more than 9,000 customers through its drive to own and rental products.
According to Moove, customers using vehicles financed through the company have generated approximately N57 billion in revenue since it began operating in Nigeria.
Announcing the closure, co-founder and advisory board chairman Delano said the company wanted its exit to reflect its appreciation for the customers and employees who contributed to its growth.
He said the vehicles would pass into the full ownership of eligible customers currently operating them, with no further payment required for the vehicles themselves.
Moove also thanked its Nigerian employees, customers, partners, regulators and other stakeholders for their contributions to the business.
THE ISSUES
Moove’s exit marks a significant change for Nigerian drivers who accessed vehicles through its financing and rental arrangements. Transferring eligible vehicles to their current users could give those customers ownership of assets they have relied on to earn income, without further payments for the vehicles.
However, the company’s announcement does not specify how many vehicles will be transferred, the eligibility criteria for customers or the detailed process for completing the transfers. Those details will determine how the arrangement affects individual drivers.
The closure also follows Uber’s announced withdrawal, placing renewed attention on changes in Nigeria’s app based mobility market and the businesses that support drivers with access to vehicles.
WHAT’S BEING SAID
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it.” – Ladi Delano, Moove co-founder and advisory board chairman
WHAT’S NEXT
Moove said it would work directly with affected customers and employees as it winds down its Nigerian operations and completes the transfer of eligible vehicles. The company has not provided further details in the announcement about the full closure timeline or the number of customers expected to receive vehicles.
BOTTOM LINE
Moove is leaving the Nigerian market after six years, but its planned transfer of N35 billion worth of eligible vehicles could give current customers full ownership without further payment for the vehicles. The impact will depend on the eligibility rules and how the transfer process is implemented.
