Moove Closes Down in Nigeria, Hands Over N35 Billion Vehicles to Drivers

In a shocking plot twist for Nigeria's tech and transport sector, mobility giant Moove has officially announced its exit from Nigeria—leaving behind a massive ₦35 billion parting gift.

​After six years of pioneering its popular vehicle financing model in Lagos, the company confirmed it is winding down local operations. The news comes just weeks after Uber shut down its 12-year presence in Nigeria, which severely affected Moove's primary ride-hailing business.

​Instead of liquidating or repossessing its vehicles, Moove dropped an unprecedented surprise on its driver-partners: they are transferring full ownership of their entire fleet—worth over ₦35 billion—directly to active drivers, free of charge.

​Why Did Moove Exit Nigeria?

​According to company leadership, operating ride-hailing and auto financing in the current local economy became unsustainable due to:

• ​Uber’s Unexpected Departure: Moove built much of its repayment model on Uber's platform data. When Uber exited in September, Moove's core structure lost its foundation.
• ​High Fuel Costs & Inflation: Rising fuel prices and naira devaluation created heavy financial strain for drivers trying to hit daily targets.
• ​Currency Fluctuations: Borrowing in foreign currency while earning in naira created widening debt gaps over time.

​A N35 Billion Win for Nigerian Drivers

​Over 9,000 drivers had previously used Moove products in Nigeria. With this complete debt forgiveness and vehicle ownership transfer, thousands of daily commercial drivers suddenly went from paying off vehicle loans to becoming 100% independent car owners overnight.

​Moove co-founder Ladi Delano expressed deep gratitude to Lagos and the Nigerian community for being the launching pad of their global brand.

​What do you think about Moove's exit? Is this a huge win for the drivers, or a worrying sign for tech companies in Nigeria? Share your thoughts below!