Moove, the global mobility technology company founded in Lagos, is exiting Nigeria after six years of operations, announcing plans to transfer eligible vehicles valued at approximately ₦35 billion to customers as it winds down its business in the country.

The company said customers who qualify for the arrangement would become full owners of the vehicles they currently operate, without further payments to Moove for the vehicles themselves from October 1, 2026. The exit package also includes a free vehicle for each of the company’s Nigerian employees, according to its announcement.

Moove co-founder, co-chief executive and Advisory Board Chairman, Ladi Delano, said the decision followed an assessment of the company’s options after Uber withdrew from Nigeria. He explained that Uber had been the principal platform supporting Moove’s Nigerian business model at scale, and its departure significantly changed the company’s operating environment.

Delano said Moove considered the available alternatives and the economics of continuing its operations before concluding that its Nigerian model was no longer sustainable. The company did not attribute its exit primarily to rising fuel prices, although an economist, Marcel Okeke, reportedly linked the withdrawal to mounting operating costs and the pressures facing transport businesses.

Founded in Lagos in 2020 by Delano and Jide Odunsi, Moove began with 76 vehicles and developed rental and Drive-to-Own financing products for mobility entrepreneurs who struggled to access vehicle financing. The company said more than 9,000 customers had used its Nigerian products since launch, with vehicles financed through its platform generating approximately ₦57 billion in revenue.

The company has since expanded beyond Nigeria and says it operates about 42,000 vehicles across 29 cities globally. Its Nigerian departure comes roughly a month after Uber announced its withdrawal from the country, bringing renewed attention to the commercial challenges confronting businesses built around ride-hailing and vehicle-financing services.

Moove said it would work directly with affected customers and employees to manage the transition and complete the ownership transfers. The company described the initiative as a way to recognise the customers and staff who helped build its business from a Lagos-based start-up into an international mobility company.