Business · Companies · 2 days ago
Moove exits Nigeria and gives eligible drivers their cars
Moove is leaving Nigeria, where it began, and will give eligible drivers the cars they have been paying for.
The company says the vehicles are worth about ₦35 billion, and drivers will owe no more from October 1.
Moove relied on Uber data to judge loans and collect payments, and Uber recently left Nigeria.
Without that data, Moove says its Nigerian business no longer makes a strong business case.
Moove is leaving Nigeria, its founding market, and will give eligible drivers their vehicles with no further payments due from October 1.
The vehicles being handed over are worth about ₦35 billion ($26.3 million), according to the company.
Moove said every employee in Nigeria will also receive a free car.
The company’s announcement came five weeks after Uber, its investor and only ride-hailing partner in Nigeria, left the country.
Moove’s Nigerian business relied on Uber earnings data to assess drivers and collect loan repayments, and the loss of that data weakened its business model.
- Who
- Moove, a mobility company, and eligible drivers in Nigeria.
- What
- Moove is leaving Nigeria and handing eligible drivers their vehicles with no further payments due from October 1.
- When
- The announcement was made on Thursday. No year is stated for October 1.
- Where
- Nigeria, including Lagos.
- Why
- The company’s Nigerian business relied on Uber earnings data, and Uber’s departure removed that data.
This story does not have two clearly opposing sides.
Nigeria will always be where Moove started
The International Finance Corporation invested in Moove.
Moove drivers told Technext that ride requests had dried up and some were missing their targets.
Moove announced it would leave Nigeria and hand eligible drivers their vehicles.
- Vehicles being handed over
- About ₦35 billion ($26.3 million)
- Employee benefit
- Every Moove employee will get a free car
- Initial fleet
- 76 cars on Lagos roads
- Moove’s founding market
- Nigeria
- Uber’s departure
- Five weeks before Moove’s announcement
Sources
Related news
Investment-linked policy sales rise as complaints increase in Singapore
Singapore Exchange urged to do more for small and mid-cap trading
ADX plans Vienna Basin production work and deeper gas testing in Austria
Azzuro Resources discusses Mongolia exploration, with Red Hill in focus
Banque du Caire to offer 30% stake in Egypt IPO
Telefónica and KKR put Chilean fiber company OnNet up for sale
Egypt’s core annual inflation fell to 14.1% in September
Global demand for Philippine ube outpaces growers’ supply
UAE economy grows 0.4% in first half of 2026 as non-oil sectors expand
US bank results and inflation data put markets to the test
PCF Sparkletots to spend S$20 million on staff development over three years
