BREAKING: Moove exits Nigeria, gives customers N35 billion worth of cars

Moove, the global mobility company founded in Lagos, has announced plans to conclude its operations in Nigeria six years after launching in the country.
As part of its exit, the company said it will transfer full ownership of eligible vehicles worth approximately N35 billion to existing customers at no cost.
The customers receiving the vehicles will own them outright, with no further payment required to Moove for the vehicles from October 1, 2026.

Moove’s exit announcement comes barely a month after e-hailing company Uber shut down its operations in Nigeria.

Moove to compensate staff with car

While Moove did not state any reason for the exit, it said Nigeria helped shape the company from its earliest days to its current status, which was why it decided to reward its customers and staff.

• “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.
• “Moove will also reward all staff members with a Free Car as a sign of appreciation,” the company said in a statement shared with Nairametrics on Thursday.

Co-Founder, Co- CEO and Advisory Board Chairman of Moove, Ladi Delano, said the decision was intended to recognise the role Nigeria played in the company’s growth.

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

He said the company’s first customers trusted Moove when it was still an idea, adding that their support laid the foundation for its subsequent international expansion.

Delano said more than 9,000 customers had used Moove’s Drive to Own and rental products in Nigeria, with the company’s vehicles helping generate approximately N57 billion in revenue.

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

Describing the exit as an “emotional moment”, Delano said the transfer of vehicles was intended to ensure Moove’s actions reflected its gratitude to customers.

Moove said it will work directly with affected customers and employees during the conclusion of its Nigerian operations and the transfer of eligible vehicles.

Moove started with 76 vehicles in Lagos

Moove was founded in Lagos in 2020 by Ladi Delano and Jide Odunsi after identifying a financing gap among mobility entrepreneurs who wanted to earn a living through driving but lacked access to vehicle financing.

The company started with 76 vehicles in Lagos and developed its Rental and Drive to Own model, providing drivers with access to vehicles and a pathway to ownership.

According to the company, Moove has since expanded significantly beyond Nigeria and now operates about 42,000 vehicles across 29 cities globally.

In Nigeria, more than 9,000 customers have used its Drive to Own and rental products since inception.

Moove said vehicles financed through its platform have helped customers generate approximately N57 billion in revenue, supporting livelihoods, families and businesses across the country.

What you should know

Moove’s exit from Nigeria comes a few months after the company raised $250 million in a Series C funding round, achieving a $2.1 billion valuation 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.

The round also attracted new investors including BlueCrest Capital Management, Sona Asset Management, and The Raptor Group, while strengthening backing from existing investors such as BlackRock, MUFG, Franklin Templeton, Uber, Left Lane, Silverbacks Holdings, Square Associates, The Latest Ventures, Endeavor Catalyst, and the Ontario Power Generation Pension Plan.

Going by publicly reported deals, Moove’s $250 million Series C still remains the largest single funding round announced by an African startup so far in 2026.