Vehicle financing company Moove is shutting down its operations in Nigeria, six years after it was founded in Lagos, and will transfer vehicles worth more than ₦35 billion to eligible drivers at no cost.
The company said the move is part of its “Thank You Nigeria” initiative, through which customers currently operating eligible Moove-financed vehicles will receive full ownership of the cars from October 1, 2026, without any further payment to the company for the vehicles.
Moove will also reward its Nigerian employees with a free car as part of the initiative.
Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove, said Nigeria provided the foundation for the company, which was established in 2020 to address the difficulty mobility entrepreneurs faced in accessing vehicles and financing.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said.
Moove began operations in Lagos with 76 vehicles and developed a Rental and Drive-to-Own model that allowed drivers to access vehicles while working towards ownership.
The company said more than 9,000 customers have since used its Drive-to-Own and rental products in Nigeria, generating approximately ₦57 billion in revenue through Moove-financed vehicles.
From its initial operations in Lagos, Moove has expanded internationally and now operates about 42,000 vehicles across 29 cities globally.
Delano said the company’s Nigerian team played a key role in building the business during its early years.
“To our Nigerian team, thank you. Your commitment, resourcefulness and belief in the mission carried Moove through its earliest and most important years. You turned an idea that began in Lagos into a company that now operates across 29 cities globally,” he said.
The company’s planned exit comes slightly more than a month after Uber, a major investor and operational partner, announced its withdrawal from the Nigerian market.
Moove, however, did not attribute its decision to Uber’s exit, saying it would work directly with affected customers and employees as it winds down its Nigerian operations.
Delano also thanked customers, partners, regulators and communities that supported the company’s growth.
“To our customers, thank you for partnering with us and realising our collective ambitions. To our partners, regulators and the wider community, thank you for supporting a young Nigerian company and helping it grow into a global business,” he said.
He said Nigeria would remain an important part of Moove’s identity as the company continues its international operations.
“Wherever Moove goes next, our story will always start in Lagos,” Delano said.
