- Moove, a mobility company founded in Nigeria, is exiting the Nigerian market six years after launching in Lagos, following Uber’s recent departure from the country.
- Eligible drivers in Nigeria will gain full ownership of vehicles worth over $23.3 million as Moove winds down local operations, affecting over 9,000 customers.
- The departure follows broader trends of ride-hailing companies leaving Nigeria due to rising costs, complaints from drivers, inflation, and reduced consumer purchasing power.
- Moove’s platform-financed vehicles have generated approximately $38 million in revenue, showing the company’s significant scale before its exit.
Under the exit arrangement, eligible drivers will receive full ownership of vehicles worth more than ₦35 billion ($23.3 million), while Moove said more than 9,000 customers have used its Drive-to-Own and rental products in Nigeria.
Vehicles financed through the platform have generated about ₦57 billion ($38 million) in revenue, reflecting the scale of the company’s operations before its withdrawal.
Moove has not disclosed a specific reason for leaving Nigeria, but its decision comes about five weeks after Uber, one of its investors, announced its own departure from the country.
Uber said on September 2, 2026 that it would end operations in Nigeria after 12 years as part of a broader review of its business priorities and investment focus across Africa, with the company saying it would redirect revalue for drivers and riders at scale
Neither company has identified a single Nigeria-specific reason for leaving, although their departures come amid mounting pressure across the country’s ride-hailing sector from rising fuel and maintenance costs, complaints from drivers over commissions and fares, high inflation and weaker consumer purchasing power.
The two exits also form part of a broader pullback from Nigeria’s mobility sector, with at least four notable mobility or ride-hailing companies having exited or shut down operations in the country over the past five years.
SafeBoda left in 2022 after describing its Nigerian business as unprofitable, while Hytch shut down in 2023 after failing to secure additional funding, followed by Uber in September 2026 and Moove about five weeks later.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Moove co-founder and co-chief executive Ladi Delano said, reflecting on the company’s origins in the city.
“Jide and I started the company because talented, hardworking mobility entrepreneurs wanted the opportunity to earn, but could not get access to the vehicles and finance they needed.”
Delano and Jide Odunsi founded Moove in Lagos in 2020 to provide vehicle financing to drivers who struggled to access traditional credit, starting with just 76 vehicles and about $5.5 million in seed funding.
The company later secured $23 million in Series A funding in 2021, $105 million in Series A2 financing in 2022 and another $76 million in equity and debt in 2023.
Its international expansion accelerated in March 2024 whenUber backed Moovewith a $100 million Series B round in March 2024, before a further $250 million Series C raise in 2026 lifted its valuation to $2.1 billion and total capital raised to more than $710 million.
Moove has since expanded into autonomous mobility through its partnership with Alphabet-owned Waymo, managing robotaxi fleet operations and supporting infrastructure in Phoenix, Miami and Las Vegas, with London expected to follow.
The company now operates about 42,000 vehicles across 29 cities in 13 countries and generates about $420 million in annual recurring revenue, making its exit from Nigeria a notable withdrawal from the market where the business was founded.
