Lagride Secures $100 Million UBA Facility and Expands EV Charging Infrastructure to Transform Lagos Drivers into Asset Owners and Mobility Investors

Lagride Secures $100 Million UBA Facility and Expands EV Charging Infrastructure to Transform Lagos Drivers into Asset Owners and Mobility Investors

... Facility to Scale Drive To Own Programme and Create a New Class of Mobility Investors in Lagos

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.

Chief Diana Chen addressing a cross section of Lagride Captain, the UBA Management team, Senior Leadership of Lagride and the press.

Chief Diana Chen, Chairman, Lagride, Oliver Alawuba, GMD/CEO of United Bank of Africa watch on as the signing of the quadripartite agreement for the $100m Facility.

Chief Diana Chen, Chairman of Lagride and Oliver Alawuba, GMD/CEO of UBA welcomed by the Lagride Captains at the signing of the $100m facility from the United Bank of Africa.

Chief Diana Chen, Chairman of Lagride and Oliver Alawuba, GMD/CEO of UBA take pictures with the cars and captains at the $100m signing event.

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.”

EV Infrastructure Expansion

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.

Chairman’s Vision: From Drivers to Investors

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.

UBA’s Perspective

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.

Event Speakers and Signatories

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

    •Chief Diana Chen, Chairman, Lagride

    •Ademola Adeyemi, Lagride Academy and       Driver Management Team Lead

    •Dorathy Akpan Etim,  Lagride Captain on       the Drive To Own Scheme with UBA

    •Brigadier General Chukwuemeka Udaya,       Special Adviser to the Chairman on                   Government Relations, who signed on             behalf of CIG Motors

    •Ifeanyi Abraham, PR Director, Lagride,           who hosted the event

Other Dignitaries in Attendance

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.