Moove exits Nigeria, transferring vehicles worth ₦35 billion to eligible drivers

Moove, the mobility financing company founded in Lagos in 2020, is ending its operations in Nigeria after six years, announcing plans to transfer vehicles estimated to be worth ₦35 billion to eligible customers, including drivers who have been using the vehicles to earn a living.

For thousands of Nigerians who rely on vehicles to make ends meet, the announcement could mark a significant turning point. What began as a business designed to help drivers overcome the financial barriers to vehicle ownership is ending its Nigerian chapter with a decision that could put thousands of naira worth of assets into the hands of eligible customers.

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The company announced its departure on Thursday, October 8, 2026, under an initiative called Thank You Nigeria, describing the vehicle transfers as a way of appreciating the customers, employees, partners and communities that supported its growth.

Under the arrangement, eligible customers currently operating Moove financed vehicles will receive full ownership without making further payments to Moove for the vehicles. The transfer is effective from October 1, 2026, although the company says it will work directly with affected customers to complete the process.

Moove has also announced that its Nigerian employees will receive cars as part of the exit arrangements. The announcement marks the end of a six year journey in the country where the company was founded, even as its international operations continue.

From 76 Vehicles in Lagos to a Global Mobility Business

Moove was founded in Lagos in 2020 by Ladi Delano and Jide Odunsi after identifying a problem familiar to many Nigerians working in the mobility sector. Drivers could find opportunities to earn money through ride hailing, but accessing the vehicles needed to take advantage of those opportunities was often difficult.

Buying a car outright was beyond the reach of many aspiring drivers, while conventional financing options were not always accessible. Moove entered the market with a different approach, providing vehicles through rental and Drive to Own arrangements that allowed eligible drivers to earn an income while working towards vehicle ownership.

The company reportedly started with 76 vehicles in Lagos. From that beginning, it expanded its operations beyond Nigeria, building a business that now reports a fleet of 42,000 vehicles across 29 cities globally.

According to the company’s announcement, more than 9,000 customers have used its rental and Drive to Own products in Nigeria since its launch. Those customers generated approximately ₦57 billion in revenue through Moove financed vehicles, the company said.

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The figures offer a glimpse into the scale of the business that grew from its Nigerian beginnings. They also illustrate the number of people whose livelihoods became connected to the company’s vehicle financing model.

Why Is Moove Leaving Nigeria?

Moove’s departure comes against the backdrop of another major development in Nigeria’s mobility industry, Uber’s exit from the country in September 2026.

The two companies had a longstanding business relationship, with Moove providing vehicle financing and fleet management services to drivers operating through ride hailing platforms.

In September, Semafor reported that Moove was considering leaving Nigeria following Uber’s departure, citing a person familiar with the company’s plans.

A subsequent report on October 8, quoted Moove co founder and co CEO Ladi Delano explaining that Uber’s departure had made the company’s Nigerian business model unsustainable.

The development highlights the commercial risks facing businesses whose operations depend heavily on a particular platform or distribution partner.

For Moove, the challenge was not simply about having vehicles available. It was also about maintaining a business model capable of generating sufficient returns to support the cost of financing, deploying and managing those vehicles.

When a major partner leaves a market, businesses built around that relationship may need to reassess their operations, seek alternative sources of demand or reconsider whether remaining in the market is financially viable.

Moove’s exit therefore raises questions about the long term sustainability of vehicle financing businesses in Nigeria, particularly those closely linked to ride hailing platforms.

What the ₦35 Billion Vehicle Transfer Means for Drivers

The most striking part of Moove’s announcement is its decision to transfer vehicles estimated to be worth approximately ₦35 billion to eligible customers.

For drivers who qualify, gaining full ownership of a vehicle without further payments to Moove could represent a major financial opportunity.

A vehicle is more than a means of transportation for many commercial drivers. It is an income generating asset that can support a family, provide greater financial independence and create opportunities beyond ride hailing.

Full ownership could also give eligible drivers greater control over how they use their vehicles, subject to applicable laws, registration requirements and any relevant contractual or administrative conditions.

However, the announcement does not mean that every driver who has ever used Moove will receive a car. The arrangement applies to eligible existing customers operating Moove vehicles. The company has not disclosed the exact number of vehicles covered by the transfer or provided a detailed breakdown of their individual values. It has also said it will engage directly with affected customers to complete the ownership process.

Consequently, the full financial impact on individual drivers will depend on which vehicles are covered, the eligibility criteria and the completion of the necessary ownership transfers.

The ₦35 billion figure represents the estimated value of the vehicles, not cash being distributed to customers.

Moove’s Nigerian Employees Will Also Receive Cars

Drivers are not the only people expected to benefit from the exit arrangement. Moove has announced that its Nigerian employees will also receive cars as the company winds down its local operations. The decision forms part of the company’s Thank You Nigeria initiative, which it says is intended to recognise the people who helped build its business.

For employees affected by the closure, the announcement provides a tangible benefit at a time when the end of the company’s Nigerian operations will also bring changes to their working lives.

However, the vehicle transfers should not be confused with a guarantee that every employee will retain their job. The company has said it will work directly with affected employees as it concludes its operations.

A Nigerian Beginning, an International Future

In explaining the decision, co founder, co CEO and advisory board chairman Ladi Delano reflected on Nigeria’s importance to the company’s history. He credited the trust of its early customers and the support of employees, partners, regulators and the wider community for helping Moove grow beyond its original market.

The company now operates across 29 cities globally, with a reported fleet of 42,000 vehicles.

Its decision to leave Nigeria while continuing its international operations presents an important distinction. Moove is not announcing the closure of its entire global business. It is ending its operations in the market where the company began.

For Nigeria, the departure represents the loss of a locally founded business that sought to address a real financing challenge within the mobility industry.

For the drivers who qualify for the vehicle transfers, however, the outcome could be different. What began as a financing arrangement could end with outright ownership of an asset they can continue to use to earn a living.

What Happens Next?

Moove says it will work directly with eligible customers and affected employees as it completes the transfer of vehicles and concludes its Nigerian operations.

The immediate priority will be ensuring that the affected customers understand the terms of the arrangement and that the necessary ownership documentation is completed.

The company has not publicly disclosed the total number of vehicles being transferred, the individual values of those vehicles or a detailed timetable for completing every transfer.

Those details will be important in determining the full scale of the initiative and how many people will ultimately benefit.

Moove’s Nigerian story began with 76 vehicles in Lagos in 2020. Six years later, the company is preparing to leave the market while continuing its international expansion.

Its exit closes one chapter in Nigeria’s mobility industry, but the transfer of vehicles worth approximately ₦35 billion could leave some of the people who helped build that chapter with something lasting, ownership of the vehicles they have been using to make a living.