Moove exits Nigeria, transfers $23.3M in vehicles to drivers

Moove, a Lagos-founded mobility company, announced on October 8, 2026 that it will conclude operations in Nigeria after six years, following Uber's departure from the country in early September. The exit comes as the ride-hailing and vehicle-financing sector faces mounting pressure from rising operational costs, driver complaints over commissions, high inflation, and weakened consumer purchasing power.

As part of its wind-down, Moove will transfer full ownership of vehicles valued at approximately ₦35 billion (US$23.3 million) to eligible drivers at no cost, effective October 1, 2026. The initiative, called "Thank You Nigeria," affects more than 9,000 customers who have used Moove's Drive-to-Own and rental products since the company's launch in 2020. Moove will also award free vehicles to all Nigerian staff members. Co-founder Ladi Delano described the decision as "an emotional moment" and emphasized the company's gratitude to customers whose work generated approximately ₦57 billion (US$38 million) in revenue through Moove-financed vehicles.

Moove was founded in 2020 by Ladi Delano and Jide Odunsi to address a gap in vehicle financing for mobility entrepreneurs who lacked access to traditional credit. The company began with 76 vehicles in Lagos and expanded to operate 42,000 vehicles across 29 cities in 13 countries globally, achieving a $2.1 billion valuation by 2026. Uber, which led a $100 million Series B funding round in March 2024, was among Moove's investors.

The exit reflects a broader retreat from Nigeria's mobility sector. SafeBoda departed in 2022 citing unprofitability, Hytch shut down in 2023 after failing to secure funding, and Uber discontinued Nigerian operations in September 2026 after 12 years. Neither Moove nor Uber publicly identified Nigeria-specific reasons for their departures, though both cited broader business reviews and reallocation of resources to markets where they believed they could generate greater value at scale. Industry observers attribute the sector-wide exodus to sustained pressure from fuel and maintenance costs, driver compensation disputes, macroeconomic headwinds, and reduced consumer demand.

Moove has since diversified internationally through partnerships with Alphabet-owned Waymo, managing robotaxi fleet operations in Phoenix, Miami, Las Vegas, and London. The company reported approximately $420 million in annual recurring revenue before its Nigerian exit, demonstrating significant scale despite the withdrawal from its founding market.