Moove, the Nigeria-founded mobility company that became a global vehicle-financing and mobility business, is set to exit Nigeria following Uber’s departure from the country, Bloomberg reports.
The move comes barely five weeks after Uber announced the shutdown of its Nigerian operations, bringing an end to a 12-year run in one of Africa’s largest ride-hailing markets.
Ladi Delano, Co-Founder, Co-CEO, and Advisory Board Chairman of Moove, said that current drivers on Moove would receive a full transfer of ownership of vehicles worth over ₦35 billion, free of charge, as a thank-you for their trust and support, per Technext.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Delano said. “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. Our first customers trusted us when Moove was still an idea, and that trust made everything that followed possible and for that we thank you.”
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Moove started in Lagos by providing vehicle financing to ride-hailing drivers, allowing them to acquire cars and repay the cost from their earnings.
Its relationship with Uber became an important part of that model, making Uber’s exit particularly significant for the business.
Uber’s Exit Changes Equation
Uber announced its exit from Nigeria on September 2, saying it was reviewing its business priorities and investment focus across Africa.
The company said it would concentrate on markets where it could create more value for drivers and riders at scale.
Rising fuel and maintenance costs, inflation, declining purchasing power, and pressure on driver earnings have made it increasingly difficult to balance affordable fares with sustainable driver incomes.
As one mobility executive told Techpoint Africa, “Nigeria is not the problem.” The bigger challenge is building a business model that works for drivers, riders, and platforms at the same time.
Moove’s planned departure suggests those challenges extend beyond ride-hailing platforms themselves.
Another Warning For Nigeria’s Mobility Market
The company’s exit is particularly notable because Moove has grown considerably beyond Nigeria.
In August 2026, the startup reportedly reached a $2 billion valuation, becoming one of Africa’s latest unicorns, while expanding into areas including autonomous vehicle operations in the US.
Yet its decision to leave the market where it was founded highlights the gap between Nigeria’s enormous transportation demand and the economics of serving it.
Uber’s departure has already left Bolt, inDrive, and local operators competing for its drivers and riders. Techpoint Africa subsequently reported that Uber offered ₦40,000 goodwill payments to some Nigerian drivers following its exit, while drivers continued to raise concerns about earnings and operating costs.
Moove’s exit could therefore be more than another company leaving Nigeria. It could be another indication that demand alone is not enough to make mobility businesses work in the country.
For Nigeria, the question is no longer whether people need transportation. They clearly do. The harder question is whether platforms can provide it at prices riders can afford while leaving enough money on the table for drivers, vehicle financiers, and operators to build sustainable businesses.
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