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Lagride has secured a 100 million dollar financing facility from United Bank for Africa to expand its Drive To Own programme and enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators and mobility investors. The partnership strengthens Lagos State's transportation ecosystem and accelerates the shift toward a structured, technology-enabled and financially bankable mobility sector.
Over the past 10 months, Lagride has rebuilt its entire onboarding and operational system for drivers, known as Lagride Captains. The platform introduced a performance-led Drive To Earn structure supported by weekly and monthly rental models. This system has generated consistent 90-day usage and repayment data across the fleet, allowing United Bank for Africa and other financial institutions to assess driver performance with accuracy, confidence and transparency.
Eligibility for the Drive To Own programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency. Through this approach, Lagride has emerged as the most structured, data-driven and credit-ready mobility platform in Nigeria, setting a new benchmark for bankable driver financing and asset ownership.
"Transportation is the backbone of Africa's economic future, and platforms like Lagride are creating the blueprint for how African cities can build modern, technology-driven and people-centred mobility systems."
As part of the milestone, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its long-term commitment to clean, future-ready mobility. The expanded infrastructure is designed to support the growing electric vehicle segment within Lagride's fleet, reduce operational downtime and enable more efficient, sustainable transportation at scale. By pairing driver financing with practical EV infrastructure, Lagride is positioning itself as a mobility platform built not just for today's Lagos, but for the next generation of urban transport.
Speaking on the landmark partnership, Chief Diana Chen, Chairman, Lagride, stated that the ultimate goal of the Drive To Own programme is not to keep drivers behind the wheel indefinitely, but to move them up the economic value chain.
She explained that Lagride is intentionally designed to help drivers evolve from operators into owners, and ultimately into investors and partners managing multiple vehicles and teams of people.
"Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind. The goal is for drivers who we call Captains to become business owners, fleet partners and mobility investors, not just drivers. This 100 million dollar partnership with United Bank for Africa moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos."
She noted that the Drive To Own programme is a starting point, not an endpoint, laying the foundation for long-term enterprise building, governance and scalable wealth creation within the mobility sector.
Delivering remarks at the event, Oliver Alawuba, Group Managing Director and CEO, United Bank for Africa, shared a personal reflection on his father, who had been a professional driver. He spoke about transportation as a source of dignity, livelihood and social mobility, and why UBA considers the sector critical to inclusive economic growth.
He also recounted his reaction when Chief Diana Chen first shared the Lagride vision, describing it as clear, ambitious and strongly aligned with UBA's commitment to financing real-sector projects that create jobs, build assets and deliver long-term economic impact.
According to him, Lagride represents the kind of transformational, well-governed and data-backed initiative that UBA exists to support across Africa.
The event featured contributions from key stakeholders across Lagride, UBA and CIG Motors Group, including:
Also present were senior executives and leaders from UBA, Lagride and CIG Motors Group, including:
Wei Bin, Chief Operations Officer, Lagride
Babatunde Ajayi, Head of SME Banking
Alero Ladipo, Group Head, Marketing and Corporate Communications
Olufemi Osobajo, Head of Segments and Channels Marketing
Olufemi Bamigbetan, Head, REDTV
Ramon Nasir, Head of Media Relations
Abiodun Coker, Media Relations
Adetola Adeduwon, Head of Events
From CIG:
Eniola Olutimehin, Chief Operating Officer, CIG Motors
Dr Ram, Chief Financial Officer, CIG
Mrs Manyo Pam, General Manager, Operations, CIG
Mr Martin, Managing Director, Gree
Mr Roamen, Managing Director, Lontor
The partnership underscores a shared commitment by Lagride, United Bank for Africa and CIG Motors Group to build a disciplined, scalable and investor-ready mobility ecosystem where drivers can grow into business leaders, asset owners and long-term partners in Lagos' transportation future.
