Moove, a Lagos-based global mobility company, has announced its exit from Nigeria, transferring vehicles worth approximately N35bn to eligible customers. The company, founded in 2020 by Ladi Delano and Jide Odunsi, provided mobility entrepreneurs with access to vehicles and financing. As part of its "Thank You Nigeria" initiative, Moove will transfer ownership of eligible vehicles to customers who have used its drive-to-own and rental products, with no further payment required from October 1, 2026.
The transfer of vehicle ownership is a gesture of appreciation to customers, employees, partners, and communities that supported Moove's growth from a Lagos start-up to an international mobility business. Moove's Nigerian operation has enabled over 9,000 customers to use its products, generating approximately N57bn in revenue through Moove-financed vehicles. The company has decided to reward its Nigerian staff members with a free car as part of the exit arrangements.
Moove's exit from Nigeria comes after Uber, a strategic ally, announced its departure from the country in September. According to Ladi Delano, co-founder and Advisory Board Chairman of Moove, Uber's departure significantly affected Moove's business, making it challenging to sustain its Nigerian operating model. Delano described the exit as an emotional moment for the company, emphasizing that Nigeria provided the starting point for its international expansion.
Moove's experience in Nigeria has shaped its approach to mobility financing, particularly the relationship between vehicle financing, fuel costs, maintenance, fares, platform economics, and drivers' earnings. Delano noted that access to vehicle finance alone is not sufficient to guarantee a sustainable mobility business, emphasizing the need for a balanced model that works for both mobility entrepreneurs and supporting businesses.
The company will work directly with affected customers and employees to complete the ownership transfers. Moove's international operations will continue, with the company maintaining its presence across 29 cities and approximately 42,000 vehicles. Delano stated that the company's next phase will include expanding its role in autonomous mobility globally while continuing its drive-to-own business in existing markets.
Moove's Nigerian operation started with 76 vehicles in Lagos and developed a rental and drive-to-own model to provide mobility entrepreneurs with access to vehicles and a pathway to ownership. The company's growth in Nigeria has contributed to its expansion into an international business, operating in 29 cities globally. Delano expressed gratitude to Nigerian customers, employees, and partners for their support.
The transfer of vehicle ownership will enable customers to continue using the vehicles to generate income after Moove's departure. Delano emphasized that the company wants its departure to reflect its appreciation for the customers who helped build the business. Moove's exit from Nigeria marks the end of an era for the company, but its legacy will continue through its international operations.
Key points
- Moove is transferring N35bn worth of vehicles to eligible Nigerian customers as it concludes its operations in the country.
- The company's exit from Nigeria comes after Uber's departure from the country in September.
- Moove's international operations will continue, with the company maintaining its presence across 29 cities and approximately 42,000 vehicles.
