Nigerian-founded mobility company Moove is exiting the country after six years, handing over vehicles worth about ₦35bn to eligible customers and offering free cars to its Nigerian employees as it winds down operations.
The company announced the move on Thursday under its “Thank You Nigeria” initiative, saying drivers using eligible vehicles through its drive-to-own and rental programmes would take full ownership without further payments to Moove for the vehicles, effective October 1, 2026.
Moove also said every member of its Nigerian workforce would receive a free car in recognition of their contribution to building the business.
Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, the company provides vehicle financing to mobility entrepreneurs who use cars to earn a living through ride-hailing and other transport services.
Moove began operations with 76 vehicles in Lagos and grew its drive-to-own and rental model into an international mobility business.
According to the company, more than 9,000 Nigerian customers have used its products, with Moove-financed vehicles helping them generate approximately ₦57bn in revenue.
Co-founder and Advisory Board Chairman, Ladi Delano, described the exit as an emotional moment, saying Nigeria provided the foundation for the company’s international expansion.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said.
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He said the company wanted its departure to reflect its appreciation for the customers and employees who helped establish the business.
Moove said it would work directly with eligible customers and employees to complete the vehicle ownership transfers.
The company’s exit follows changes in Nigeria’s ride-hailing market, including Uber’s recent decision to leave the country after operating locally for more than a decade.
In an interview with BusinessDay, Delano said Uber’s departure had significantly altered Moove’s operating environment because the ride-hailing platform was the principal partner supporting its Nigerian business model at scale.
He said Moove assessed alternative options and the financial implications of continuing operations before concluding that its Nigerian model was no longer sustainable.
“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 added that transferring the vehicles to customers would allow them to continue earning income and supporting their families after the company’s departure.
He also said Moove’s experience in Nigeria had reinforced the importance of balancing vehicle financing with fuel costs, maintenance expenses, fares, platform economics and drivers’ earnings.
Access to vehicle finance alone, he noted, was insufficient to guarantee a sustainable mobility business unless the economics worked for drivers and the companies financing their vehicles.
Despite ending its Nigerian operations, Moove said it would continue operating internationally, with approximately 42,000 vehicles across 29 cities.
The company also plans to expand its role in autonomous mobility while continuing its drive-to-own business in existing markets.
“Nigeria will always be where Moove started. Wherever Moove goes next, our story will always start in Lagos,” Delano said.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
