LagRide Secures US $100 Million Financing from UBA To Scale “Drive To Own” Programme And Create New Class Of Mobility Investors In Lagos

BY JUMOKE OWOOLA

United Bank for Africa (UBA) has announced a landmark US $100 million financing facility for LagRide, Nigeria’s leading technology‑enabled mobility platform. 

The funds will be used to expand LagRide’s *Drive To Own* programme, enabling 3,500 Lagos‑based drivers to transition from daily earners to long‑term asset owners, business operators and mobility investors.

Over the past ten months, LagRide has rebuilt its entire driver onboarding and operational system referred to 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 UBA 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.

Speaking on the landmark partnership, *Chief Diana Chen*, Chairman of 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. “LagRide was created to give Lagos a modern, disciplined and technology‑driven mobility system while ensuring that drivers are not left behind,” she said. “The goal is for drivers who we call Captains to become business owners, fleet partners and mobility investors, not just drivers. This US $100 million partnership with UBA 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.”

*Mr. Oliver Alawuba*, Group Managing Director and CEO of United Bank for Africa, delivered remarks at the event, sharing 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. “LagRide represents the kind of transformational, well‑governed and data‑backed initiative that UBA exists to support across Africa,” he said.

The event featured contributions from key stakeholders across LagRide, UBA and CIG Motors Group, including:

Other dignitaries in attendance included senior executives and leaders from UBA, LagRide and CIG Motors Group, such as 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; 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; and Mr Roamen, Managing Director, Lontor ; Ademola Adeyemi, Lagride Academy and Driver Management Team Lead ; Brigadier General Chukwuemeka Udaya, the Special Adviser to the CIG Motors Chairman who signed on behalf of CIG Motors ; and Ifeanyi Abraham, the PR Director ,LagRide respectfully.
Dorothy Akpan Eyin, LagRide Captain on the Drive To Own Scheme with UBA;

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.