Moove, the mobility company founded in Lagos in 2020, is leaving the country where it started. In a statement published by Nairametrics on 8 October, the company said it would conclude its Nigerian operations and hand eligible vehicles to the drivers who use them.
"Eligible vehicles with an estimated total value of approximately ₦35 billion will pass into full ownership of the customers who currently operate them, with no payment to Moove required for the vehicles themselves from October 1, 2026," the company said, according to The Condia. Moove also said every staff member would get a free car.
Why now
Moove has not given a specific reason. The timing speaks for itself: Uber ended its Nigerian operations on 2 September. Moove began as Uber's preferred vehicle supply partner, and its drive-to-own model tied repayments to what drivers earned on ride-hailing platforms, The Condia notes. A smaller ride-hailing market means less income to repay a car.
"Nigeria is where Moove began, and everything we have built since carries something of Lagos with it," said co-founder and co-CEO Ladi Delano, according to The Condia.
A unicorn leaving home
The exit is not a sign that Moove is in trouble globally. In August it raised $250 million in a Series C led by Mubadala, valuing it at $2.1 billion. Its future is autonomous vehicle fleets and markets outside Nigeria. That is what makes this a hard story for the Lagos ecosystem: one of its biggest names grew up, and the home market no longer fits the plan.
