Moove don begin pack out from Nigeria, six years after e launch for Lagos. The mobility company wey dem found for Nigeria dey wind down operations for di country. Di exit come barely five weeks after Uber, one of im investors, end im own Nigerian business.
Under di exit arrangement, eligible drivers go collect full ownership of vehicles worth more than ₦35 billion, around $23.3 million. Moove talk say more than 9,000 customers don use im Drive-to-Own and rental products for Nigeria. Vehicles wey dem finance through di platform don generate about ₦57 billion, wey be around $38 million. Dat one show di scale of di company operations before e withdraw.
Moove never disclose specific reason why e leave Nigeria. But di decision land about five weeks after Uber, one of im investors, announce say e dey comot from di country. Uber talk on September 2, 2026 say e go end operations for Nigeria after 12 years. Di company say na part of broader review of im business priorities and investment focus across Africa. Uber add say e go redirect resources go markets where e believe e go create greater value for drivers and riders at scale.
Neither company identify one single Nigeria-specific reason for leaving. But dia departures dey come as pressure mount for di country ride-hailing sector. Rising fuel and maintenance costs dey bite. Drivers dey complain over commissions and fares. High inflation and weaker consumer purchasing power also dey affect di market.
Di two exits also form part of broader pullback from Nigeria mobility sector. At least four notable mobility or ride-hailing companies don exit or shut down operations for di country over di past five years. SafeBoda leave in 2022 after e describe im Nigerian business as unprofitable. Hytch shut down in 2023 after e fail to secure additional funding. Uber follow in September 2026, and Moove comot about five weeks later.
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it,” Moove co-founder and co-chief executive Ladi Delano talk, as e reflect on di company origins for di city. “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.”
Delano and Jide Odunsi found Moove for Lagos in 2020 to provide vehicle financing to drivers wey struggle to access traditional credit. Dem start with just 76 vehicles and about $5.5 million in seed funding. Di company later secure $23 million in Series A funding in 2021, $105 million in Series A2 financing in 2022 and another $76 million in equity and debt in 2023.
Im international expansion accelerate in March 2024 when Uber back Moove with $100 million Series B round in March 2024. Before a further $250 million Series C raise in 2026 lift im valuation to $2.1 billion and total capital raised to more than $710 million.
Moove since expand into autonomous mobility through partnership with Alphabet-owned Waymo. Di company dey manage robotaxi fleet operations and supporting infrastructure for Phoenix, Miami and Las Vegas, with London expected to follow. Moove now operate about 42,000 vehicles across 29 cities for 13 countries and generate about $420 million in annual recurring revenue. Dat one make im exit from Nigeria a notable withdrawal from di market where dem found di business.
