Moove Shuts Down in Nigeria, Transfers ₦35 Billion Worth of Vehicles to Drivers

Mobility financing company Moove has reportedly shut down its operations in Nigeria and transferred full ownership of vehicles worth approximately ₦35 billion to its current drivers, marking a significant development for drivers who relied on the company to access vehicles for work.

The reported move could represent a major turning point for drivers who have been using Moove’s vehicle-financing model to earn a living through ride-hailing and other mobility services.

Moove’s business model has focused on helping drivers access vehicles through financing arrangements, allowing them to make payments while using the vehicles to generate income.

With the reported transfer of full ownership, eligible drivers would no longer have to depend on the company for ownership of the vehicles covered by the arrangement. The move could also give them greater control over their assets and how they use them to earn a living.

The vehicles involved are reportedly valued at around ₦35 billion, making the transfer a substantial development for the drivers concerned.

For drivers who qualify for the ownership transfer, receiving full vehicle ownership could provide greater financial independence and long-term stability. Owning their vehicles outright may also give them more flexibility in managing their businesses and income.

However, the specific terms of the transfer, including the number of drivers and vehicles affected, would need to be confirmed through an official company statement.

The reported shutdown raises questions about Moove’s future in Nigeria and what the development means for drivers, customers and the wider ride-hailing industry.

Further details are needed to clarify the reasons behind the reported closure, whether the company plans to maintain any presence in the country, and how the transition will affect existing customers and business partners.

For the drivers receiving vehicle ownership, the development could mark the beginning of a new chapter — moving from using financed vehicles to owning the assets they depend on for their livelihoods.