Moove exits Nigeria, transfers N35bn worth of vehicles to cust

Mobility fintech giant, Moove, has announced plans to wind down its Nigerian operations after six years in the country, transferring ownership of eligible vehicles valued at approximately N35 billion to existing customers at no cost.

The company said customers currently operating eligible vehicles under its platform will assume full ownership from October 1, 2026, without making any further payments for the vehicles.

The decision marks the end of an era for one of Africa’s most celebrated mobility startups, which was founded in Lagos in 2020 and grew into a global mobility platform operating across multiple continents.

Moove’s exit comes barely one month after ride-hailing platform Uber shut down its Nigerian operations, raising fresh concerns about the challenges facing technology-driven mobility businesses in Africa’s largest economy.

In a statement, Moove described the vehicle transfer programme as a gesture of appreciation to the customers and workers who supported the company from its inception.

“As Moove concludes its Nigerian operations, eligible vehicles with an estimated total value of approximately N35 billion will pass into full ownership of the customers who currently operate them, with no payment to Moove required for the vehicles themselves from 1st October 2026,” the company said.

The company also announced that all members of staff would receive a free vehicle as part of its exit package.

“Moove will also reward all staff members with a Free Car as a sign of appreciation,” it added.

Co-founder, Co-Chief Executive Officer and Advisory Board Chairman of Moove, Ladi Delano, said the company considered the move a fitting way to acknowledge Nigeria’s role in its global success story.

“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said.

According to him, the company’s earliest customers embraced the business model when it was still an untested concept, helping lay the foundation for its rapid international growth.

Founded by Ladi Delano and Jide Odunsi, Moove was established to address a major financing gap confronting mobility entrepreneurs who lacked access to vehicle ownership despite the growing opportunities in ride-hailing and transportation services.

The company launched with just 76 vehicles in Lagos, introducing its Drive-to-Own and rental financing model, which enabled drivers to access vehicles while gradually building ownership.

Since then, Moove has expanded significantly, operating approximately 42,000 vehicles across 29 cities globally, making it one of Africa’s most successful mobility technology firms.

The company disclosed that more than 9,000 customers have used its Drive-to-Own and rental products in Nigeria since inception.

It added that vehicles financed through its platform have helped drivers and entrepreneurs generate approximately N57 billion in cumulative revenue, supporting thousands of livelihoods, households and small businesses.

“Those numbers matter because they represent people earning, supporting their families and building their own futures,” Delano said.

Describing the withdrawal as an emotional milestone, he noted that the transfer of vehicle ownership was designed to ensure that customers directly benefit from the company’s legacy in Nigeria.

The company’s departure is particularly noteworthy given its recent financial success. Earlier this year, Moove secured $250 million in Series C funding, achieving a valuation of $2.1 billion and officially joining the ranks of Africa’s unicorn startups.

The funding round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific.

Additional investors included BlueCrest Capital Management, Sona Asset Management, and The Raptor Group, while existing backers such as BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Endeavour Catalyst and others increased their commitments.

Industry data indicate that the $250 million Series C raise remains the largest publicly reported startup funding round announced by an African startup in 2026.

Although Moove did not provide a specific reason for exiting Nigeria, the development comes amid a period of strategic restructuring within the country’s mobility and ride-hailing ecosystem, where operators continue to navigate rising operating costs, regulatory complexities and changing market dynamics.

For thousands of Nigerian drivers, however, the company’s final act could prove transformational, with ownership of vehicles collectively worth N35 billion transferring directly into their hands, creating a rare wealth-transfer event within Africa’s startup ecosystem.