A claim linking Uber’s recent departure from Nigeria to a $16.9bn purchase of Glovo has raised questions about what actually happened between the two companies.
The claim was made by presidential spokesperson, Tope Fasua, during an interview with Arise TV on September 5, three days after Uber discontinued its ride-hailing operations in Nigeria.
Fasua was discussing the economic impact of reforms under President Bola Tinubu and what Nigerians should be able to afford compared with 2023 when he cited online businesses as evidence of how some people were adapting.
Turning to food delivery, he described Glovo as a Nigerian company and said Uber acquired it around the time the ride-hailing firm was leaving the country.
“When Uber was leaving Nigeria, they went and bought Glovo. Glovo, a Nigerian company that is into food delivery and all that kind of delivery. They bought that company for $16.9 billion,” he said.
He added, “We can see the value in this country”, before stating that “Glovo is probably making most of its money here…”.
However, available information about Glovo’s ownership and Uber’s proposed transaction tells a different story.
Glovo is not Nigerian
Glovo’s corporate information identifies the company as a Spanish technology business headquartered in Barcelona, rather than a Nigerian company.
“We’re a Spanish tech company and the fastest-growing multi-category player in Europe, Central Asia, and Africa, spread across 21 countries,” the company states on its website.
Although Glovo operates in Nigeria, its Nigerian business forms part of the wider international company, which also has operations in countries including Kenya, Côte d’Ivoire, Uganda, Morocco and Tunisia.
The company’s parent, Delivery Hero, is headquartered in Berlin, Germany, meaning neither Glovo nor its parent is a Nigerian-owned company based on the information provided.
What did Uber announce?
The confusion appears to stem from a separate transaction announced by Uber several weeks before it left Nigeria.
On July 16, Uber announced an offer to acquire Delivery Hero at an equity value of $14.8bn, with the proposed transaction covering the German company’s operations across 50 markets.
Glovo’s Nigerian operations were among the businesses covered by the proposed acquisition, but the announcement did not amount to Uber purchasing Glovo as an independent Nigerian company.
International reports by organisations including Bloomberg and Reuters also covered the proposed deal before Uber ended its Nigerian ride-hailing operations.
Uber subsequently published the offer document on August 27, setting November 5, 2026, as the end of the acceptance period for shareholders.
“Delivery Hero shareholders wishing to accept the Offer should contact their respective custodian bank to tender their shares and should be aware that custodian banks may set earlier internal deadlines that require action before November 5, 2026,” Uber said.
The company further stated, “The settlement of the Offer, including payment of the cash consideration, is expected in the second half of 2027.”
That timeline is significant because it shows the proposed acquisition was still pending when Uber stopped its Nigerian ride-hailing service.
When did Uber leave Nigeria?
Uber announced on September 2 that it was ending its ride-hailing operations in Nigeria after 12 years in the country, while also announcing plans to withdraw from Uganda.
The exit therefore occurred weeks after the proposed Delivery Hero acquisition had been announced, but months before the expected completion of that transaction.
The financial figure cited by Fasua also differs from Uber’s publicly announced valuation, with $14.8bn given as the equity value of the proposed Delivery Hero deal rather than $16.9bn.
The distinction matters because Uber is not acquiring Glovo separately for the amount mentioned by Fasua; instead, Glovo is part of the businesses that would come under Uber’s ownership if the proposed Delivery Hero transaction is completed.
Verdict
Uber did announce a proposed acquisition of Delivery Hero before ending its ride-hailing operations in Nigeria, but the transaction had not been completed when the company exited the Nigerian market.
The proposed deal is expected to be completed in the second half of 2027, subject to the relevant conditions, meaning it cannot accurately be described as an acquisition completed after Uber left Nigeria.
Glovo is also a Spanish company operating in Nigeria, rather than a Nigerian company, while the $16.9bn figure cited for its alleged purchase does not match Uber’s announced $14.8bn equity value for the proposed Delivery Hero acquisition.
Fasua’s claim that Uber bought Glovo after leaving Nigeria is therefore incorrect, as are his descriptions of Glovo as a Nigerian company and the stated purchase figure.
