Moove, the mobility financing company founded in Lagos, has announced plans to exit Nigeria and transfer vehicles valued at approximately ₦35 billion to eligible customers following the departure of Uber, a central partner in its Nigerian operations.
The company announced the decision on October 8, 2026, after concluding that it could no longer sustain its Nigerian business model. In an interview with BusinessDay, co-founder and co-CEO Ladi Delano identified Uber’s withdrawal as the immediate operational trigger for the decision.
Under the initiative, eligible customers will receive ownership of the vehicles they currently operate. Moove is also waiving scheduled vehicle payments from October 1, 2026, but customers must settle outstanding remittances accumulated before that date and complete the required ownership-transfer documentation.
The company has served more than 9,000 customers through its rental and Drive-to-Own products since launching in Nigeria. However, it has not disclosed the exact number of vehicles to be transferred or how many customers qualify for the ownership arrangement. The ₦35 billion figure represents the estimated value of the vehicles, not a cash payment to drivers.
Moove’s business model enabled drivers to access vehicles without paying the full purchase price upfront. Under its Drive-to-Own arrangement, drivers made payments from earnings generated through commercial driving, including trips obtained through ride-hailing platforms. Uber’s departure disrupted that operating structure, although Moove had allowed its drivers to continue working on alternative platforms such as Bolt and inDrive.
Uber announced its withdrawal from Nigeria on September 2, 2026, ending 12 years of operations in the country. Moove’s subsequent exit removes a vehicle-financing option for drivers who depend on commercial driving to earn an income.
The Nigerian business had faced profitability challenges before Uber’s departure. In March 2024, Delano acknowledged that Nigeria was an unprofitable market for Moove, citing deteriorating unit economics and macroeconomic pressures, according to TechCrunch.
Moove has not announced a global shutdown. The company raised $250 million in a Series C funding round in August 2026 at a reported valuation of $2.1 billion and has expanded into autonomous-vehicle fleet operations. Its Nigerian withdrawal is limited to its local business, while it continues operating in other markets.
The company also plans to give vehicles to its Nigerian employees in recognition of their contributions. Moove has yet to disclose the number of employees affected or the deadline for completing the customer and staff vehicle transfers.
