Moove shuts down Nigeria operations, transfers vehicle ownership to customers
Moove shuts down Nigeria operations, transfers vehicle ownership to customers
Moove, a global mobility company founded in Lagos, says it will end its operations in Nigeria and transfer ownership of eligible vehicles worth about N35 billion to existing customers.
The company announced the decision in a statement on Thursday, six years after it began operations in Nigeria.
According to Moove, customers receiving the vehicles will own them fully, with no further payment required to the company for the vehicles from October 1, 2026.
Moove said it will also give free cars to all its staff members as a sign of appreciation.
The company’s decision comes just over a month after Uber, the global ride-hailing company, discontinued its operations in Nigeria.
Uber was an investor in Moove, leading a $100 million Series B funding round for the mobility company in 2024. The funding valued Moove at $750 million.
Moove was founded in 2020 by Ladi Delano and Jide Odunsi after they reportedly “saw that many mobility entrepreneurs in Nigeria wanted to earn through mobility but could not access the vehicle financing they needed”.
In the statement, Moove said it began with 76 vehicles in Lagos and developed its ‘Rental & Drive-to-Own’ model to give mobility entrepreneurs access to new vehicles and a pathway to ownership.
The company said what it built in Lagos became the foundation for a business that now operates 42,000 vehicles across 29 cities globally.
‘NIGERIA WILL ALWAYS BE WHERE MOOVE STARTED’
Ladi Delano, co-founder and advisory board chairman of Moove, said the company’s Nigerian customers trusted it when it was still an idea.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it. Jide and I started the company because talented, hardworking mobility entrepreneurs wanted the opportunity to earn, but could not get access to the vehicles and finance they needed,” Delano said.
“Our first customers trusted us when Moove was still an idea, and that trust made everything that followed possible and for that we ‘thank you’”
Delano said more than 9,000 customers had used Moove’s Drive-to-Own and rental products in Nigeria.
“Their work generated approximately N57 billion in revenue through Moove-financed vehicles. Those numbers matter because they represent people earning, supporting their families and building their own futures,” he said.
He said the transfer of the vehicles is intended to reflect the company’s gratitude to its customers.
“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,” Delano said.
“As we conclude our operations, we want our actions to reflect our gratitude. Eligible vehicles worth approximately N35 billion will pass into full ownership of the customers who operate them, with no further payment to Moove required for the vehicles themselves.
“Nigeria will always be where Moove started. As we continue to grow internationally, we will do everything we can to make Nigeria proud and to build a lasting global success story that never forgets where it began. Wherever Moove goes next, our story will always start in Lagos.”
