Moove exits Nigeria, transfers N35bn in vehicles to customers
The mobility-financing company founded in Lagos is winding down its Nigerian operations after six years, transferring vehicles worth about N35 billion to customers.
What happened
Moove, a Nigerian-founded mobility-financing company valued at $2.1 billion, is exiting the Nigerian market it launched in six years ago.1245
The company is transferring ownership of vehicles worth about N35 billion to eligible customers free of charge, and giving free cars to staff.456
Moove had raised more than $710 million in global funding prior to the exit announcement.2
One outlet reported that Moove's future strategy is focused on robotaxi depots in the United States, with its Nigerian business described as having faced challenges.3
Key points
What the coverage leaves out
- None of the outlets reviewed reported an on-the-record response from Nigerian regulators or government officials to the exit.
- None of the outlets reviewed detailed the exact number of customers or staff affected by the vehicle transfers.
Why it matters
Sources (6)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
Africa
- 1BusinessDayNGPrivate
Moove stayed in Africa, left Nigeria: The economics behind the $2.1bn unicorn’s exit
- 2NairametricsNGPrivate
- 3TechCabalNGPrivate
- 4PunchNGPrivate
- 5VanguardNGPrivate
Moove shuts Nigeria operations, gives customers N35bn vehicles
- 6Premium TimesNGIndependent