Major Financing to Scale ‘Drive To Own’ Programme for 3,500 Captains; Lagride Expands EV Charging Infrastructure in Alausa
Lagride has reached a historic milestone in Africa’s transportation sector by securing a $100 million financing facility from United Bank for Africa (UBA). The landmark deal is designed to expand the Drive To Own programme, enabling 3,500 Lagride Captains to transition from daily earners into long-term asset owners, business operators, and mobility investors.
The partnership represents a significant shift toward a structured, data-driven, and financially bankable mobility sector in Lagos State, setting a new benchmark for driver financing across the continent.
From Operators to Owners: A Vision for Driver Prosperity
Over the last 10 months, Lagride has overhauled its operational system, introducing a performance-led Drive To Earn structure. This data-backed approach allows financial institutions like UBA to assess driver performance with transparency and confidence.
Chief Diana Chen, Chairman of Lagride, emphasized that the program is designed to move drivers up the economic value chain.
“The goal is for drivers—who we call Captains—to become business owners, fleet partners, and mobility investors, not just drivers. This $100 million partnership moves thousands of captains closer to owning productive assets and building stronger financial futures.”
Eligibility for the scheme is strictly based on performance thresholds, repayment discipline, and service consistency, making Lagride the most credit-ready mobility platform in Nigeria.
Leading the Green Revolution: EV Infrastructure Expansion
Coinciding with the funding announcement, Lagride unveiled an expanded Electric Vehicle (EV) charging facility in Alausa, Lagos. This move reinforces the platform’s commitment to clean, future-ready mobility. By pairing asset financing with practical EV infrastructure, Lagride is positioning itself to lead the next generation of urban transport while reducing operational costs for its fleet.
UBA’s Commitment to Inclusive Growth
Oliver Alawuba, Group Managing Director and CEO of UBA, highlighted the bank’s alignment with the Lagride vision. Sharing a personal reflection on his father, who was a professional driver, Alawuba spoke of the sector as a source of dignity and social mobility.
“Lagride represents the kind of transformational, well-governed, and data-backed initiative that UBA exists to support across Africa,” Alawuba stated, noting that the vision aligns with UBA’s commitment to financing real-sector projects that create jobs.
A Multi-Stakeholder Alliance
The event saw the participation of senior executives from UBA, Lagride, and CIG Motors Group. Key signatories and speakers included Brigadier General Chukwuemeka Udaya, who signed on behalf of CIG Motors, and Dorathy Akpan Etim, a Lagride Captain already benefiting from the Drive To Own scheme.
The partnership underscores a shared vision to build a disciplined, scalable mobility ecosystem where Lagos drivers can evolve into the business leaders of tomorrow.
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