Moove, the Lagos-founded global mobility company, has announced its exit from Nigeria after six years of operations, with plans to transfer ownership of vehicles valued at approximately N35 billion to eligible customers at no additional cost.
The company disclosed the decision in a statement on Thursday, October 8, 2026, confirming that customers currently operating the eligible vehicles would become their outright owners as part of its exit arrangements.
Although Moove did not disclose the reason for its withdrawal, the announcement comes just over five weeks after Uber, the global ride-hailing company and one of Moove’s investors and mobility partners, ceased operations in Nigeria on September 2, 2026.
Uber’s departure ended its 12-year presence in Nigeria, where it had operated since launching its ride-hailing service in Lagos in 2014.
Moove offers customers N35 billion in vehicle ownership
Moove operates a vehicle financing model that enables mobility entrepreneurs, particularly ride-hailing drivers, to access vehicles without paying their full purchase prices upfront.
Through its Drive to Own and rental programmes, the company provides vehicles to drivers who make payments from their earnings, with eligible customers able to work towards outright ownership.
Under the exit arrangement, Moove said customers currently operating eligible vehicles would no longer be required to make further payments to the company for the vehicles themselves, effective October 1, 2026.
“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 stated.
Moove also announced plans to give each staff member a free car as a gesture of appreciation for their contributions to the company’s growth.
Co-founder, Co-CEO and Advisory Board Chairman, Ladi Delano, said the decision reflected the company’s recognition of Nigeria’s importance to its development and international expansion.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said.
According to him, more than 9,000 customers have used Moove’s Drive to Own and rental products in Nigeria, with vehicles financed through its platform helping them generate approximately N57 billion in revenue.
Also Check: African founders are giving up part of their shares as equity dominates Q3 funding
Another major employer joins companies withdrawing from Nigeria
Moove’s exit comes barely two months after the company raised $250 million in a Series C funding round on August 5, 2026, pushing its valuation to $2.1 billion and cementing its status as one of Africa’s technology unicorns.
The investment was intended to accelerate Moove’s expansion into autonomous mobility, including fleet management, vehicle infrastructure and international markets.
Founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, Moove began with 76 vehicles, providing financing opportunities to drivers who struggled to access conventional vehicle loans.
The company has since expanded internationally, operating approximately 42,000 vehicles across 29 cities in 13 countries as of August 2026, while maintaining a global partnership with Uber and expanding into autonomous vehicle operations.
Its withdrawal adds to a growing list of major multinational companies that have exited Nigeria since 2023, including Norwegian energy giant Equinor, American personal care manufacturer Kimberly-Clark, and ride-hailing company Uber.
Other multinationals, including Procter & Gamble and GlaxoSmithKline, have discontinued local manufacturing or direct commercial operations while maintaining a presence in the Nigerian market.