For six years, Moove has helped Nigerian ride-hailing drivers access vehicles they might otherwise struggle to finance. But the Lagos-founded mobility company is now leaving its home market, barely five weeks after Uber stopped operating in Nigeria.
Moove, which was valued at $2.1 billion in August, announced on October 8 that it would conclude its Nigerian operations. The company also said it would hand over eligible vehicles worth approximately ₦35 billion to customers currently using them, without requiring further payments for the vehicles themselves.
The decision brings an end to Moove’s operations in the country where founders Ladi Delano and Jide Odunsi started the business in 2020 with just 76 vehicles. It also follows Uber’s September 2nd withdrawal from Nigeria after 12 years of operations.
Why Uber’s Exit Affected Moove’s Nigerian Business
Moove built its Nigerian business around making cars available to people who earned money driving for ride-hailing platforms. Its Drive-to-Own product particularly allowed drivers to make payments towards owning their vehicles, while its rental service gave others access to cars for work.
And Uber was particularly important to that model. The U.S. ride-hailing company invested in Moove and led its $100 million Series B funding round in 2024, while Moove supplied vehicles to drivers using Uber’s platform.
Speaking to BusinessDay, Moove co-founder and co-CEO Ladi Delano explained that Uber’s departure made it difficult to continue operating in Nigeria.
“Uber was the principal platform supporting our Nigerian model at scale,” he said.
Delano said Moove had considered alternatives but concluded that its Nigerian operating model was no longer sustainable, explaining why the company is withdrawing from Nigeria even as its international business continues growing.
Moove Will Give Customers ₦35 Billion Worth of Vehicles
As part of its “Thank You Nigeria” initiative, Moove says eligible customers will receive full ownership of the vehicles they currently operate. The company has said that no further payments to Moove are required for those vehicles from October 1, although the transfer applies only to eligible vehicles.
Moove also announced that it would give each member of its Nigerian staff a car and work directly with customers and employees to complete the arrangements.
According to the company, more than 9,000 customers have used its Drive-to-Own and rental services in Nigeria, generating approximately ₦57 billion in revenue through Moove-financed vehicles.
What Happens to Moove’s Global Business?
Moove’s departure from Nigeria comes just two months after it raised $250 million in a funding round led by Mubadala Investment Company, bringing its valuation to $2.1 billion.
The company says it operates about 42,000 vehicles across 29 cities globally and is expanding its work with Waymo, which develops self-driving taxis. As such, its plans include managing autonomous vehicle fleets and building facilities where those vehicles can be charged and maintained.
Moove will continue operating internationally, including in other African markets. However, its exit from Nigeria highlights how closely its original vehicle-financing business depended on Uber’s presence.
Back in Nigeria, passengers still have Bolt, inDrive, and LagRide, but reported complaints include fare disputes, safety concerns, poor complaint handling, and drivers refusing to use air conditioning on some Bolt trips. Higher operating costs have also led drivers to demand better fares and lower commissions from these companies.
With Uber and Moove gone, the companies still operating in Nigeria now face the challenge of keeping rides affordable for passengers while ensuring drivers can earn enough to cover their rising costs.
