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Moove Raises $23m to Expand Vehicle Ownership in Africa
By Adedapo Adesanya
Moove, an African mobility fintech, has raised $23 million in Series A funding to build a full-service service that democratizes vehicle ownership in Africa.
The round was led by Speedinvest and Left Lane Capital, with participation from DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable.
Africa specialist, Verod Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round.
This brings Moove’s total funding to $68.2 million, including $28.2 million in equity and $40.0 million in debt.
This makes Moove the first investment in Africa for many of its United States’ VC backers, underscoring the opportunity for a platform to address the continent’s vehicle financing gap which has more than a billion people who have limited or no access to vehicle financing – and the lowest per capita vehicle ownership in the world.
The new Series A funding will also allow Moove to grow and expand into new markets as well as develop and launch new products and services.
The equity raise follows a year of momentum and success for Moove with the launch of three cities and 60 per cent month-on-month growth so far.
The market opportunity in Africa is vast with a population of 1.3 billion people, with 43 per cent in urban areas and growing, and in 2019 had fewer than 900,000 total new vehicle sales compared to 17 million in the US.
Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans.
The company’s model is to provide loans to its customers by selling them new vehicles and financing up to 95 per cent of the purchase within five days of sign up.
Moove customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue.
All Moove customers sign up to the Moove app to manage all transactions and access other financial products on the platform.
Speaking on the goal with the new round, the co-founder of Moove, Mr Ladi Delano says, “In a continent full of opportunity, mobility is key to moving economies forward and this funding contributes to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs.
“We help people buy new cars who otherwise couldn’t afford them. And then, using the vehicle as a mobility entrepreneur, they’re able to earn money, which allows them to pay off the vehicle over time.”
Speaking on the development, Mr Stefan Klestil, General Partner at Speedinvest, said, “With Ladi and Jide at the helm of a world-class team, and their unique approach to vehicle financing, Moove has quickly established itself as one of the most exciting tech companies in Africa.
“The company’s expansion to three cities in under 12 months demonstrates the huge demand for vehicle financing in Africa, where just five per cent of new cars are purchased with financing, compared to 92 per cent in Europe.”
On his part, Mr Dan Ahrens, Managing Partner at Left Lane Capital noted, “Moove’s technology is fundamentally changing access to mobility and empowering thousands to earn a new source of income.
“As we look ahead, the potential for that technology and the Moove team to expand even further is very exciting. They have the opportunity to become a full-service mobility fintech and expand their offerings to insurance and other financial services.”
Moove was initially bootstrapped by its co-founders, Messrs Ladi Delano and Jide Odunsi with seed-stage funding from Future Africa, an Africa focused fund led by Mr Iyin Aboyeji, who was a founder at Andela and Flutterwave.
Moove is a mission-led company that’s committed to giving 100 per cent of mobility entrepreneurs access to affordable credit and ensuring that 50 per cent of its customers are women.
It also aims to ensure that at least 60 per cent of the vehicles it finances are electric or hybrid vehicles as part of its commitment to improving road safety and vehicle emissions on Africa’s roads.
By Adedapo Adesanya
The United Kingdom is facilitating a quick process to return $9.5 million in recovered stolen funds to Nigeria to help fund the completion of the ongoing Abuja-Kano Road.
According to a statement on Friday, His Majesty’s Attorney General for Jersey, Mr Mark Temple, signed a Memorandum of Understanding (MOU) in December 2025 to facilitate the return of the loot.
Recall that on November 29, 2023, the Attorney General applied to the Royal Court of Jersey under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018 in respect of tainted property held in a Jersey bank account. On January 12, 2024, the Royal Court granted a forfeiture order after determining that the funds were more likely than not the proceeds of a corrupt scheme in which third-party contractors diverted government monies for the benefit of senior Nigerian officials and their associates.
The MOU builds on two previous agreements between Jersey and Nigeria, under which more than $300 million has already been repatriated to support three major infrastructure projects: the Lagos-Ibadan Expressway; the Second Niger Bridge; and the Abuja-Kano Road. The first two projects are now complete.
Under the terms of the MOU, the forfeited funds will contribute to the final stages of the Abuja-Kano Road, a 375 km highway that will provide a vital link between Nigeria’s capital and its second-largest city.
Speaking on the development, Mr Temple, said: “This successful return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption. I thank the Nigerian authorities for their cooperation and the Economic Crime and Confiscation Unit in my Department for their unwavering commitment to recover the proceeds of crime.”
Adding his input, the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi said, “The successful recovery and repatriation of the forfeited assets, underscores the effectiveness of Nigeria’s collaborative efforts with its international partners in ensuring that there is no safe haven for illicitly acquired wealth or assets moved to foreign jurisdictions.”
“I want to, on behalf of the Government of the Federal Republic of Nigeria, thank the Bailiwick of Jersey for the cooperation accorded Nigeria during the Recovery exercise. I want to further assure the Bailiwick of Jersey, that the repatriated assets will be judiciously utilized in line with the terms of the executed Memorandum of Understanding,” he added.
By Modupe Gbadeyanka
Motorists in Lagos State with faded and unreadable vehicle number plates have been given a three-month rebate window to replace them.
This followed the approval of the 90-day exercise by the Lagos State Governor, Mr Babajide Sanwo-Olu, according to the Permanent Secretary for Motor Vehicles Administration Agency (MVAA), Mr Rasheed Muri-Okunola.
The state government disclosed that the rebate applies specifically to vehicle owners whose number plates have become worn, faded, or unclear over time due to weather conditions and prolonged use.
It noted that the gesture is a proactive and citizen-friendly intervention aimed at encouraging compliance while reducing the financial burden on vehicle owners.
According to Mr Muri-Okunola, the Governor authorised the rebate as part of renewed efforts to enhance road safety, improve vehicle identification, and strengthen security across the state.
It was emphasised that the condition of vehicle number plates is critical to effective traffic management, crime detection, and overall public safety, noting that faded or illegible plates pose challenges to law enforcement agencies and traffic officials.
The government noted that that beyond aesthetics, legible number plates play a vital role in curbing traffic violations, aiding investigations, and supporting digital vehicle tracking systems deployed by the state.
Motorists were, therefore, encouraged to take advantage of the window by visiting the agency’s designated Pilot Centre at Oshodi (MVAA One Stop Centre, Oshodi) or any MVAA Stations across the state for the replacement process.
“Clear and properly maintained number plates are essential for vehicle identification and security. This three-month rebate is designed to give motorists ample opportunity to replace faded plates at a reduced cost while supporting our collective responsibility to keep Lagos roads safe and well-regulated,” Muri-Okunola stated.
“This is not just a regulatory exercise; it is a public safety measure. When number plates are clear and standardised, it improves efficiency across transportation, security, and emergency response systems,” he added.
Mr Muri-Okunola assured the public of seamless service delivery throughout the rebate period and advised motorists to avoid unauthorised agents, stressing that all replacements must be processed through designated government-approved centres.
He reiterated the Lagos State Government’s commitment to innovative policies that prioritise safety, convenience, and accountability while urging residents to cooperate with authorities in building a safer and more orderly transport environment.
By Modupe Gbadeyanka
The appointment of an Executive Director of CIG Motors, Mr Jubril Arogundade, has been terminated, a statement from the auto firm has revealed.
It was disclosed that Mr Arogundade was relieved of his duties over an alleged financial misappropriation and abuse of authority, with the matter referred to the Economic and Financial Crimes Commission (EFCC).
CIG Motors said it took the decision to fire Mr Arogundade following internal investigations that uncovered issues relating to financial misappropriation and abuse of authority.
The company said it first suspended the accused person for a comprehensive internal review and findings showed that his actions fell significantly below its governance, compliance, and ethical standards, making immediate termination necessary.
The organisation further disclosed that it is cooperating fully with the authorities, including the EFCC, as the matter progresses through the appropriate regulatory and legal channels.
CIG Motors emphasised that the action reflects a zero-tolerance stance on financial misconduct and abuse of authority, particularly at senior management level, noting that safeguarding institutional integrity and maintaining robust internal controls remain central to its operations.
The statement also clarified that CIG Motors will not engage in further public commentary on the matter, stressing that it is now before the relevant authorities. It added that operational continuity across the business remains unaffected.
The development aligns with a broader trend seen across Nigeria’s corporate and financial landscape in recent months, where several organisations have taken decisive action against senior executives following internal probes, regulatory breaches, or governance failures, a part of the statement said.
Analysts note that such actions signal growing pressure on corporate boards to strengthen oversight, enforce accountability, and demonstrate compliance with governance best practices.
CIG Motors reiterated its commitment to the highest standards of corporate governance, accountability, and transparency, assuring stakeholders that appropriate measures are in place to protect the company’s long-term stability and reputation.
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