Moove, the global mobility company founded in Lagos, has announced plans to shut down its operations in Nigeria and transfer eligible vehicles worth about N35 billion to existing customers.
The company made the announcement on Thursday, six years after launching its Nigerian operations.
Under the arrangement, eligible customers will take full ownership of the vehicles they operate, with no further payments required to Moove for the vehicles from October 1, 2026.
Moove also said it would give free cars to all its Nigerian employees as a gesture of appreciation for their contributions to the company.
The company began operations in Nigeria in 2020 with 76 vehicles in Lagos, using its Rental & Drive-to-Own model to provide mobility entrepreneurs with access to vehicle financing and eventual ownership.
According to Moove, more than 9,000 customers have used its Drive-to-Own and rental products in Nigeria, generating approximately N57 billion in revenue through Moove-financed vehicles.
Ladi Delano, Moove’s co-founder and advisory board chairman, said Nigeria would always remain an important part of the company’s history.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said.
He said the transfer of the vehicles was intended to express the company’s gratitude to customers who supported Moove from its early days.
“As we conclude our operations, we want our actions to reflect our gratitude. Eligible vehicles worth approximately N35 billion will pass into full ownership of the customers who operate them, with no further payment to Moove required for the vehicles themselves,” he said.
Moove said the business it started in Lagos has since grown into a global operation with 42,000 vehicles across 29 cities.
The company was founded by Delano and Jide Odunsi after they identified the difficulty faced by mobility entrepreneurs in accessing vehicles and financing needed to earn a living.
The exit comes just over a month after Uber, which backed Moove in a $100 million Series B funding round in 2024, discontinued its operations in Nigeria.