Popular vehicle financing firm Moove has exited the Nigerian market after six years, handing over 35 billion Naira worth of cars to local drivers.
Popular Nigerian-founded vehicle financing and transport company, Moove, has officially announced that it is packing its bags and ending all its business operations in Nigeria after six years of active service in Lagos State and other major commercial cities.
The major business decision was made public on Thursday, October 8, 2026, coming barely five weeks after international ride-hailing company Uber also shut down its Nigerian operations due to economic challenges, high fuel prices, and low profit margins across the transport sector.
The sudden departure of Moove comes as a big shock to many business lovers because the company was founded right here in Lagos back in 2020 by Nigerian entrepreneurs Ladi Delano and Jide Odunsi.
Over the past six years, Moove grew into a global giant valued at over 2.1 billion dollars, offering vehicle financing to everyday drivers through drive-to-own plans.
However, due to rising operating costs, high inflation, and weakening consumer purchasing power in the country, the management decided to close its Nigerian branch while keeping its foreign businesses running smoothly across 29 cities globally.
Addressing the public and drivers regarding the closure of local operations, the co-founder and co-chief executive officer of Moove, Ladi Delano, remembered how the business started in Lagos and thanked the local workers and drivers who built the company from scratch.
Reflecting on the early days of the business and thanking the Nigerian team, Ladi Delano stated: “Jide and I started the company because talented, hardworking mobility entrepreneurs wanted the opportunity to earn, but could not get access to the vehicles and finance they needed.”
He added: “To our Nigerian team, thank you. Your commitment, resourcefulness and belief in the mission carried Moove through its earliest and most important years.”
The co-founder noted that the company learned big business lessons in Nigeria regarding vehicle financing, fuel prices, and driver earnings, which helped them expand into other countries around the world.
Explaining how the Nigerian experience shaped their global strategy, Delano stated: “You turned an idea that began in Lagos into a company that now operates across 29 cities globally.”
He further added: “The model must work for the mobility entrepreneur and remain sustainable for the businesses supporting them. Our experience in Nigeria has made us more attentive to that balance.”
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Highlighting the huge economic impact the company made on local drivers before deciding to leave, Delano revealed that over 9,000 Nigerian drivers benefited from their vehicle financing programs, generating billions of Naira in transport earnings over the years.
Sharing figures on their local impact and driver earnings, Delano noted: “More than 9,000 customers have used our Drive-to-Own and rental products in Nigeria. Their work generated approximately ₦57 billion in revenue through Moove-financed vehicles.”
As a special parting gift to support local drivers as the company closes down, Moove announced that it is transferring full vehicle ownership to all eligible drivers without demanding any further daily or monthly payments.
Under this massive shutdown gift, drivers will get full ownership of vehicles worth over 23.3 million dollars, which translates to about 35 billion Naira in local currency.
Concluding his emotional farewell message to Nigerians, Ladi Delano declared: “Nigeria will always be where Moove started. Wherever Moove goes next, our story will always start in Lagos.”
Moove’s departure highlights the growing economic pressures facing transport companies in Nigeria. Many local drivers have expressed gratitude to the company for gifting them full ownership of their cars during these difficult times.
Jennifer Baba is a journalist, international news correspondent, and writer at Moderncrux, where she covers artificial intelligence, fintech, emerging technologies, global politics, and international affairs. Based in Nigeria, she is passionate about transforming complex global developments into clear, engaging stories that inform and inspire readers.
