Metro Africa Xpress (MAX), a Nigerian mobility financing startup, laid off about 150 employees, 30% of its workforce in January, according to two people familiar with the company’s operations. The cuts come as MAX kicks off plans to finance 120,000 electric vehicles (EVs) across Nigeria, Ghana, and Cameroon—thrice the combined number of electric and internal combustion engine (ICE) vehicles, motorcycles, and tricycles it financed in 2024.
A MAX spokesperson told that the restructuring was necessary for the company’s transition to exclusively financing EVs. Previously, MAX offered a mix of electric and ICE vehicles, some priced around ₦2 million (about $1,280) in 2024, and used a rent-to-own model with daily subscription fees.
“This decision was not made lightly,” the company wrote in an email, emphasising its appreciation for affected employees and outlining support measures including health insurance and job placement assistance. However, MAX declined to comment on the number of jobs impacted.
One laid-off employee told that the termination email vaguely cited performance reviews, suggesting individual performance issues. “It wasn’t until later that I realized it was a mass layoff,” said the employee who asked not to be named to speak freely. The terminations were effective immediately and no monetary severance packages were offered.
Beyond the layoffs, MAX has implemented cost-saving measures, including reduced energy consumption and generator usage at its offices, according to a highly placed staff who asked not to be named as they are not the spokesperson for the company. The company confirmed these measures, stating the aim is to minimise its carbon footprint for the sake of the environment. “We are investing significantly in energy sources to power our business locations and battery swap stations,” MAX said in an email to .
In November 2024, MAX partnered with PASH Global, a renewable energy and impact investment firm, to invest $10 million to develop a network of EV charging stations across urban centres in Nigeria.
MAX, which previously manufactured its electric motorcycles, now sources them from original equipment manufacturers (OEMs) like Spiro. One vehicle costs as much as $900, the highly placed MAX employee told . With a target of 120,000 vehicles, MAX faces significant capital demands to support its expansion.
Since 2019, MAX has raised about $63 million, a mix of equity and debt financing, to fuel its growth. In 2020, the startup floated a ₦10 billion multicurrency bond ($22 million at the time) from which it secured a ₦400 million ($1 million) one-year fixed-rate note. Its last disclosed raise, in 2022, saw the company secure $24 million via a private placement under SEC Rule 506(b), allowing it to raise capital from “sophisticated investors” without public solicitation. Raising debt financing has allowed the company to minimize dilution.
Founded in 2015 by Guy-Bertrand Njoya, Adetayo Bamiduro, and Chinedu Azodoh, MAX has undergone several strategic pivots. Starting as a delivery service, it later expanded into ride-hailing and now focuses on vehicle financing and subscriptions. This evolving strategy reflects the company’s efforts to adapt to the rapidly changing mobility landscape.
