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 exit...