Lagride secures $100 Million UBA facility to expand driver asset ownership

Lagride, a mobility platform formerly backed by the Lagos State Government through the Lagos State Employment Trust Fund (LSETF), has secured a $100 million financing facility from United Bank for Africa (UBA) to scale its Drive To Own programme and strengthen driver financing.

The partnership was unveiled at an event attended by executives from Lagride, UBA, and CIG Motors Group, including Chief Diana Chen, Chairman of Lagride, and Oliver Alawuba, Group Managing Director and CEO of UBA.

The facility is designed to enable Lagride drivers, known as Lagride Captains, to transition from daily earners into asset owners through a structured, performance-based vehicle ownership model.

Speaking at the event, Chief Diana Chen described the Drive To Own programme as a pathway to long-term economic mobility rather than an end in itself.

“The Drive To Own programme is a starting point, not an endpoint. The ultimate goal is not to keep drivers behind the wheel indefinitely, but to move them up the economic value chain,” she said.

Over the past 10 months, Lagride has rebuilt its onboarding and operational systems for drivers, introducing a performance-led Drive To Earn structure supported by weekly and monthly rental models. The system has generated consistent 90-day usage and repayment data, allowing financial institutions to assess driver performance with greater transparency and confidence.

Eligibility for the Drive To Own programme is based on defined performance thresholds, repayment discipline, safety compliance, and service consistency.

As part of its long-term strategy, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its commitment to electrifying parts of its fleet and supporting future-ready mobility infrastructure.

Oliver Alawuba, GMD/CEO of UBA, noted that transportation plays a critical role in dignity, livelihood, and social mobility. Drawing from his personal background as the son of a driver, he explained that Lagride’s model aligns with UBA’s focus on financing real-sector initiatives that create jobs, build productive assets, and deliver sustainable economic impact.

The partnership underscores a shared commitment by Lagride, UBA, and CIG Motors Group to building a structured, data-driven, and financially bankable mobility ecosystem in Lagos, where drivers can grow into asset owners and long-term economic participants.