The Economy
Saboteur.

Founded in Lagos in 2020, Moove announced its Nigerian wind-down on 8 October 2026. Eligible drivers receive ownership of their vehicles, with scheduled vehicle payments waived from 1 October.

Co-founder Ladi Delano said Uber’s departure removed the platform supporting Moove’s Nigerian model at scale; the company could no longer sustain that model.

Uber ended Nigerian ride-hailing operations on 2 September 2026, twelve years after launching in Lagos.

Its customer notice ended ride-hailing immediately and kept the Help Centre open until 23 September for settlements and account closures.

Cross-border payments fintech for freelancers and remote workers, wound down after three years; customers had until 31 July 2026 to withdraw. The startup was in acquisition talks.

Gigbanc said it could not raise the funding required to continue operating and told customers to withdraw their balances.

Frigoglass announced completion of its Nigerian glass-business sale on 6 February 2026. The transaction transferred its entire holding-company interest, including Beta Glass and Frigoglass Industries Nigeria, to Helios.

Frigoglass sold the business during its three-year restructuring and directed proceeds towards debt repayment and its remaining commercial refrigeration business.

PZ Cussons completed the sale of its 50% interest in Nigerian edible-oils business PZ Wilmar to its joint-venture partner on 14 November 2025.

PZ Cussons described the sale as part of its Africa review and a move to reduce exposure to Nigerian risk and volatility, simplify its portfolio and reduce debt.

TotalEnergies announced completion of its Bonga divestment on 25 November 2025. The sale transferred its 12.5% interest in the offshore production-sharing contract to Shell and Nigerian Agip Exploration.

TotalEnergies transferred its entire 12.5% non-operated interest in the OML118 production-sharing contract: 10% to Shell’s Nigerian exploration company and 2.5% to Nigerian Agip Exploration.

Coca-Cola’s sale of CHI Limited to UAC completed on 3 October 2025 after regulatory approval. The transaction transferred the Chivita and Hollandia business to the buyer.

The completed transaction transferred ownership of CHI Limited and its brands from Coca-Cola to UAC.

Lidya, founded in 2016 to lend to small businesses, shut down in October 2025 after nine years.

Its customer notice cited severe financial distress. Lidya said it could no longer continue operating or settle customer claims.

Holcim completed the sale of its 83.81% stake in Lafarge Africa to Huaxin Cement on 29 August 2025. Lafarge’s Nigerian cement plants continue operating under the buyer.

Holcim divested the business to Huaxin Cement and directed the proceeds towards its global capital-allocation strategy.

Okra wound down in May 2025. Co-founder Fara Ashiru Jituboh confirmed the timing in an interview published in July.

Before the shutdown, Ashiru described foreign-exchange movements and rising dollar-denominated infrastructure costs as major operating pressures.

IBM handed local commercial operations to MIBB from 1 April 2025. Distributor and partner agreements, together with existing employees, transferred to the new operator.

IBM adopted an alternative operating agreement with MIBB for these African markets. Midis subsequently documented IBM operated by MIBB at GITEX Nigeria.

Shell completed the US$2.4bn sale of the Shell Petroleum Development Company of Nigeria to Renaissance Africa Energy on 13 March 2025, retaining its deepwater and integrated gas positions.

Shell transferred the onshore company to Renaissance, concentrating its Nigerian portfolio on deepwater production and integrated gas.

Edukoya shut down in February 2025 after three years. The company wound down its business and began returning remaining capital to investors.

Its company email cited low disposable incomes, adverse macroeconomic conditions, unreliable connectivity and limited device access as barriers to building the business.

Seplat completed its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil on 12 December 2024. ExxonMobil retains its Nigerian deepwater business.

The sale agreement was signed in February 2022 and completed in December 2024. It transferred MPNU’s operating assets and business to Seplat.

Equinor transferred all its Nigerian assets to Chappal Energies on 6 December 2024, ending more than thirty years in the country. Employees continued with the transferred company.

Equinor sold the country business to Chappal Energies as part of its international portfolio divestments.

Diageo completed the sale of its 58.02% Guinness Nigeria stake to Tolaram on 30 September 2024. Guinness Nigeria continues brewing under the new owner.

Diageo transferred its controlling stake to Tolaram and adopted a new licensing and distribution model for the Nigerian market.

Eni completed the sale of Nigerian Agip Oil Company to Oando on 22 August 2024. The transaction transferred the onshore business and power generation assets to a Nigerian owner.

Eni sold NAOC as part of a portfolio transition. Its other Nigerian interests continue.

Heineken transferred control of Champion Breweries to EnjoyCorp through the sale of the Raysun holding company. Champion’s prospectus dates the change of ultimate parent to August 2024.

The sale moved Champion Breweries into EnjoyCorp’s beverage portfolio.

The maker of Huggies and Kotex announced its Nigerian exit on 31 May 2024, two years after opening its Ikorodu factory.

Kimberly-Clark cited economic developments in Nigeria and refocused global priorities. Its Lagos factory and sales operation both closed.

Microsoft laid off the engineering team at its Africa Development Centre in Lagos in May 2024. The loss was the Nigerian engineering operation.

Microsoft attributed the workforce changes to organisational adjustments and its strategic priorities.

Thepeer announced its shutdown on 1 April 2024. It subsequently returned remaining investor capital in June.

The company cited compliance problems, slow wallet adoption and failure to establish product-market fit. Its chief executive described customer integration as too slow to achieve scale.

Binance ended naira deposits, withdrawals and trading in March 2024.

The withdrawal followed the Nigerian authorities’ enforcement campaign against the exchange and its naira business.

Cova’s co-founders notified customers that the platform would close on 10 February 2024, ending the asset-tracking and estate-planning service.

The company’s customer email set the closure date and arranged refunds of unused subscriptions by 13 February.

Sanofi ended direct Nigerian sales and moved medicine supply to third-party distribution from February 2024.

CFAO took over exclusive distribution of its general medicines through E.P. DIS, expanding a regional partnership that began in 2021.

Retail Supermarkets Nigeria closed the Shoprite store at Ado Bayero Mall in Kano on 14 January 2024.

Chief executive Hubertus Rick cited falling consumer purchasing power, high business costs and rising rental obligations.

Nigerian Breweries suspended operations at its Awo-Omamma and Kakuri breweries during its 2024 recovery plan. Subsequent company statements described the two breweries as closed.

Chief executive Hans Essaadi linked the consolidation to double-digit inflation, naira devaluation, foreign-exchange challenges and diminished consumer spending. The company provided for redeployment and severance.

Bolt Food ended its Nigerian food-delivery service on 7 December 2023.

Bolt said the withdrawal would streamline its resources and improve its operating efficiency.

Jumia Food ended operations in December 2023. Jumia’s retail marketplace and JumiaPay continue operating.

Jumia’s strategic review found food delivery unsuitable for the operating environment and macroeconomic conditions. It closed the service across seven markets to focus capital on its core business.

Pivo Africa shut down in December 2023, ending its lending and business-banking operation for Nigerian logistics and supply-chain businesses.

The shutdown ended Pivo Capital’s supply-chain lending and Pivo Business’s banking service, two years after the company was founded.

P&G announced its withdrawal from Nigerian manufacturing in December 2023 and moved to an import-only business model.

CFO Andre Schulten linked the withdrawal to the difficulty of creating dollar value amid Nigeria’s macroeconomic conditions and naira devaluation.

Kippa ended its KippaPay agency-banking operation on 15 November 2023 and laid off 40 employees. KippaPay was subsequently transferred to Bloc.

Kippa’s spokesperson said naira devaluation had eaten into margins and hurt the customers’ businesses, undermining the agency-banking operation.

Unilever stopped all Nigerian home-care production in June 2023 and ended sales in September 2023. Its annual report records the home-care business as discontinued.

Unilever’s annual report says the business was discontinued to focus on products with stronger margins. The decision was announced on 17 March 2023.

GSK ended direct operations after 51 years in Nigeria, affecting about 160 staff. Its products now reach Nigerian customers through third-party distributors.

GSK cited foreign-exchange scarcity: it could not secure the hard currency to settle obligations to its product suppliers. PMG-MAN, the local pharmaceutical manufacturers' group, said the same of the sector's departures.

Pillow withdrew from Nigeria a year after entering the market. Its customer notice ended bank withdrawals on 7 July 2023 and crypto withdrawals on 31 July.

The company’s in-app notice cited the regulatory climate and its effect on financial infrastructure.

Bundle stopped exchange sign-ups and deposits in July 2023 and phased out the service, with withdrawals continuing through the customer wind-down.

Shareholders decided to restructure the business around the separate Cashlink peer-to-peer payment platform.

54gene began shutting down in July 2023, four years after it was founded. The company sought buyers for its genomic assets.

Chief executive Ron Chiarello confirmed that the company could no longer continue financially.

VIBRA closed its Nigerian crypto platform in July 2023. Reporting subsequently confirmed the shutdown across its three African markets and the departure of its staff.

Co-founder Vincent Li described the change as a business pivot. Reporting documented low user engagement and employees being required to resign or face termination.