Mobility financing firm Moove has announced its withdrawal from Nigeria after six years, with plans to transfer vehicles worth approximately N35bn to eligible customers and give free cars to its Nigerian employees.
The company said customers using eligible vehicles under its drive-to-own and rental schemes would become their full owners without making further payments to Moove for the vehicles from 1 October 2026.
The initiative, tagged Thank You Nigeria, is intended to recognise the contributions of customers, employees, business partners and communities that supported the company from its beginnings in Lagos to its emergence as a global mobility business.
In a statement on Thursday, Moove said it would work with affected customers and employees to ensure the completion of the ownership transfers as it concludes its Nigerian operations.
The company also announced that all its Nigerian employees would receive a car free of charge in recognition of their role in building the business.
Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove was established to help mobility entrepreneurs overcome difficulties in accessing vehicle financing, enabling them to earn incomes through ride-hailing and other driving services.
The company started with 76 vehicles in Lagos and developed a financing model that allowed drivers to access vehicles through rental arrangements or work towards ownership through its drive-to-own programme.
According to Moove, more than 9,000 customers have used its rental and drive-to-own products in Nigeria since its establishment, generating approximately N57bn in revenue through vehicles financed by the company.
Co-founder and Advisory Board Chairman, Ladi Delano, described the decision to leave Nigeria as an emotional one, saying the country had 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.
He explained that the company's founding mission was to provide mobility entrepreneurs with access to vehicles and financing to establish sustainable livelihoods.
According to him, the figures recorded by the Nigerian operation represented not just commercial achievements but also the incomes and livelihoods supported by the business.
“More than 9,000 customers have used our Drive-to-Own and rental products in Nigeria. Their work generated approximately N57bn in revenue through Moove-financed vehicles. Those numbers matter because they represent people earning, supporting their families and building their own futures,” he said.
Delano said the transfer of vehicles to eligible customers was intended to ensure that the assets continued to support drivers and their families after the company's departure.
He added that the company wanted its exit to reflect its appreciation for the people who had contributed to its growth.
“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,” he said.
Uber's departure changes business outlook
Moove's decision to discontinue its Nigerian operations comes amid developments in the country's ride-hailing market, following the announcement by Uber that it would exit Nigeria.
Uber, which launched in Lagos in 2014 before expanding to other Nigerian cities, announced its planned departure in September after reviewing its business operations.
Speaking to BusinessDay, Delano said Uber's decision had substantially changed the business environment for Moove, making it difficult for the company to sustain its existing operating model.
He described Uber as the principal platform supporting Moove's Nigerian business at scale, adding that its departure significantly affected the company's operations.
“Uber was the principal platform supporting our Nigerian model at scale, so its departure had a significant effect on the business,” he said.
Delano explained that Moove had considered alternative options and assessed the financial implications before deciding to withdraw.
“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.
Despite the closure, he expressed hope that the ownership transfer arrangement would enable customers to continue using the vehicles to earn a living.
“We want those vehicles to continue supporting livelihoods and families long after this chapter of Moove's operations concludes,” he added.
Employees to benefit from exit arrangement
The company said the decision to provide free cars to its Nigerian employees was a gesture of appreciation for their commitment during its formative years and subsequent expansion.
Delano commended the workforce for helping transform a business idea developed in Lagos into an international company.
“To our Nigerian team, thank you. Your commitment, resourcefulness and belief in the mission carried Moove through its earliest and most important years,” he said.
“You turned an idea that began in Lagos into a company that now operates across 29 cities globally,” he added.
Delano also said the company's Nigerian experience had provided important lessons about the economics of mobility financing.
He explained that the viability of the business depended on several interconnected factors, including vehicle financing costs, fuel prices, maintenance expenses, fares, ride-hailing platform economics and drivers' earnings.
According to him, access to vehicle financing alone does not guarantee a sustainable business model unless the interests of drivers and the companies financing their vehicles are adequately balanced.
“The model must work for the mobility entrepreneur and remain sustainable for the businesses supporting them. Our experience in Nigeria has made us more attentive to that balance,” he said.
International expansion continues
Moove said its withdrawal from Nigeria would not affect its wider international operations, which currently cover 29 cities with approximately 42,000 vehicles.
The company plans to expand its activities in autonomous mobility globally while continuing its drive-to-own business in markets where it remains operational.
Delano reiterated that Nigeria would remain an important part of the company's history, having provided the starting point for its international ambitions.
“Nigeria will always be where Moove started. Wherever Moove goes next, our story will always start in Lagos,” he said.
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