Moove, the Lagos-founded mobility startup, is exiting Nigeria after six years, handing eligible customers vehicles worth an estimated N35 billion and promising free cars to all staff.
The company said customers would take full ownership of their eligible vehicles at no additional cost to Moove from October 1, 2026, as it winds down operations in the market where it began in 2020.
The exit comes barely a month after ride-hailing giant Uber announced plans to shut down its Nigerian operations, putting renewed focus on the challenges facing mobility businesses in the country.
Moove, however, has not disclosed the reason for its departure.
In a statement shared with Nairametrics on Thursday, the company said the vehicle transfers and staff rewards were intended to recognise the role Nigerians played in building the business.
“As Moove concludes its Nigerian operations, eligible vehicles with an estimated total value of approximately N35 billion will pass into full ownership of the customers who currently operate them,” the company said.
It added that all staff members would receive free cars in appreciation of their contributions.
Drivers generated N57bn
Moove co-founder, Co-CEO and Advisory Board Chairman, Ladi Delano, described the exit as an emotional moment, saying Nigeria remained central to the company’s growth.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” he said.
According to the company, more than 9,000 customers have used its Drive to Own and rental products in Nigeria since inception.
Vehicles financed through the platform have helped customers generate approximately N57 billion in revenue, supporting livelihoods and families across the country, Moove said.
Delano said the company’s earliest customers backed its model when it was still an idea, helping lay the foundation for its international expansion.
Moove said it would work directly with affected customers and employees to manage the exit and transfer eligible vehicles. It did not disclose the number of vehicles involved or the detailed eligibility criteria.
Founded in Lagos in 2020 by Delano and Jide Odunsi, Moove set out to address the financing gap facing drivers who wanted to earn through mobility services but lacked access to vehicle loans.
The company launched with 76 vehicles in Lagos, using rental and Drive to Own arrangements to help drivers access cars without bearing the full upfront purchase cost.
It has since expanded to approximately 42,000 vehicles across 29 cities globally, according to the company.
Its Nigerian exit leaves questions about the factors behind the decision and whether the withdrawal signals a shift in its broader market strategy. Moove has not indicated whether the move will affect its operations outside Nigeria.
Exit follows $250m funding
The departure comes just months after Moove raised $250 million in a Series C funding round that valued the company at $2.1 billion, making it one of Africa’s unicorn startups.
The August 2026 round was led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s growth fund, and Ion Pacific.
Other investors included BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers such as BlackRock, MUFG, Franklin Templeton and Uber.
The funding round was reported as the largest single raise announced by an African startup in 2026 at the time.
Moove’s Nigerian withdrawal underscores the distinction between global fundraising success and a company’s decision to continue operating in a particular market. Its $2.1 billion valuation does not, on its own, establish the profitability of its Nigerian business.
For eligible drivers, the transfer could provide a significant financial boost by giving them outright ownership of vehicles used to earn income. However, the company has yet to clarify how any outstanding contractual obligations, if applicable, will be handled beyond confirming that no further payment to Moove for the eligible vehicles will be required from October 1.
As Moove prepares to leave the market where it was founded, its vehicle handover offers a final benefit to customers even as the reasons for its exit remain undisclosed.
