Moove Hands Over N35bn Vehicles to Drivers After Exit

By Adedapo Adesanya

Following its exit from the Nigerian market, Moove, the mobility financing company founded in Lagos, will transfer vehicles worth approximately N35 billion to eligible customers as it winds down operations in Nigeria, six years after launching its business in the country.

The company said eligible drivers using its Drive-to-Own and rental products would gain full ownership of their vehicles without further scheduled payments to Moove from October 1, 2026. However, outstanding remittances accrued before that date must still be settled, and customers must complete the required ownership transfer documentation.

Under the exit arrangement, all Nigerian employees of the company will also receive a free car in recognition of their contributions to building the business.

The exit comes about five weeks after Uber, Moove’s strategic partner and principal ride-hailing platform in Nigeria, discontinued its operations in the country.

Moove’s co-founder and co-chief executive officer, Mr Ladi Delano, said the departure of Uber had materially changed the operating environment, making it impossible for the company to sustain its Nigerian business model after reviewing available alternatives and the economics of continuing.

“Unfortunately, Uber’s departure materially changed the operating environment in Nigeria. We assessed the alternatives and the economics of continuing, and concluded that we could not sustain our Nigerian operating model. That was our decision, and we take responsibility for it,” Mr Delano said in an interview with BusinessDay.

Uber ended its 12-year presence in Nigeria on September 2, following a review of its operations and investment priorities in Africa. The company had entered the Nigerian market in 2014, beginning in Lagos before expanding to other cities.

Moove’s Nigerian operations were closely tied to Uber, with its vehicle financing model largely built around drivers using the ride-hailing platform to generate income and repay their vehicle obligations.

The company had required many of its drivers to operate exclusively on Uber, particularly through its Uber Go service, with repayments structured around a percentage of their weekly earnings. Uber’s departure therefore disrupted the revenue stream that supported the model.

Following the shutdown, Moove informed drivers that they could work with competing platforms, including Bolt and inDrive. However, the company subsequently concluded that continuing its Nigerian operations was no longer commercially sustainable.

Founded in Lagos in 2020 by Mr Delano and Mr Jide Odunsi, Moove was established to address the difficulty mobility entrepreneurs faced in accessing vehicle financing. It began with 76 vehicles in Lagos and developed a model combining vehicle rentals with a pathway to ownership.

According to the company, more than 9,000 customers have used its Drive-to-Own and rental products in Nigeria, with vehicles financed through its platform helping them generate approximately N57 billion in revenue.

Mr Delano described the transfer of the vehicles as a way to recognise the contributions of customers and employees who helped transform the company from a Nigerian start-up into an international mobility business.

“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” he said.

The exit comes against the backdrop of longstanding challenges in Nigeria’s mobility sector, including rising fuel prices, currency volatility, vehicle maintenance costs and pressure on drivers’ earnings.

Moove’s business also faced a currency mismatch, as part of its vehicle financing was supported by dollar-denominated funding while drivers generated income in naira. The depreciation of the Naira increased the pressure on the business, contributing to repayment difficulties and instances of vehicle repossession involving drivers who fell behind on their obligations.

The company’s withdrawal raises questions about the sustainability of vehicle financing models that depend heavily on a single ride-hailing platform, particularly in markets where operating costs can rise faster than drivers’ earnings.

The company also said it would engage directly with affected customers and employees to explain individual account positions and complete the necessary documentation.

Despite its exit from Nigeria, Moove’s international operations will continue. The company said it operates approximately 42,000 vehicles across 29 cities globally and plans to expand its role in autonomous mobility while continuing its Drive-to-Own business in existing markets.

The company’s departure marks a significant shift for a business that originated in Nigeria but subsequently expanded internationally, highlighting the commercial risks facing mobility companies whose financing models depend on the performance and continued presence of ride-hailing partners.