Moove exits Nigerian market after six years of operations

Moove, the Lagos-founded mobility company, has announced its exit from the Nigerian market after six years of operation. The decision follows the departure of Uber from Nigeria in September, which significantly impacted the commercial viability of Moove’s business model.

Moove’s model relied on providing vehicles to drivers through rental and drive-to-own arrangements, where repayments were tied to income generated via ride-hailing platforms. Co-founder and Co-CEO Ladi Delano stated that after examining alternative arrangements, the company concluded that continuing operations in Nigeria was no longer commercially sustainable due to the loss of a major operating platform like Uber.

As part of its exit strategy, Moove will transfer vehicles valued at approximately N35 billion to eligible customers, allowing them to take full ownership. Since its establishment in 2020 by Ladi Delano and Jide Odunsi, the company has served more than 9,000 customers and generated approximately N57 billion in revenue through its financing products.