Lagride Lands $100 Million UBA Facility to Scale Driver Asset Ownership

Lagride is taking a decisive step to reshape driver livelihoods in Lagos. The mobility platform has secured a $100 million financing facility from United Bank for Africa (UBA) to expand its Drive To Own programme, an initiative built to help drivers move beyond daily earnings and into full vehicle ownership.

The funding marks a significant milestone for the company, which was previously backed by the Lagos State Government through the Lagos State Employment Trust Fund (LSETF). With fresh capital now in place, Lagride is accelerating its push toward structured driver financing and long-term economic participation within the city’s mobility ecosystem.

The financing arrangement was announced at an event attended by senior executives from Lagride, UBA, and CIG Motors Group. Present at the unveiling were Chief Diana Chen, Chairman of Lagride, and Oliver Alawuba, Group Managing Director and CEO of UBA.

At the heart of the partnership is a shared objective: turning mobility work into a credible pathway for asset ownership, anchored on performance data, discipline, and financial transparency.

Lagride’s Drive To Own programme enables drivers on the platform, referred to as Lagride Captains, to qualify for vehicle ownership through a structured, performance-based model rather than large upfront payments. The design deliberately shifts drivers from short-term income dependency toward long-term asset accumulation.

Speaking at the event, Chief Diana Chen stressed that the programme is meant to unlock broader economic mobility rather than trap drivers in perpetual driving roles.

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 reengineered its onboarding and operational systems to make this ambition financially viable. The company introduced a performance-led Drive To Earn structure supported by weekly and monthly rental models, alongside clearer benchmarks for driver evaluation.

This operational reset has generated consistent 90-day usage and repayment data, giving financial institutions improved visibility into driver behaviour, earning patterns, and creditworthiness. The availability of this data has made it easier for lenders to assess risk with greater confidence.

Eligibility for the Drive To Own programme is determined by defined performance thresholds. Drivers are evaluated on repayment discipline, safety compliance, service consistency, and sustained engagement on the platform, ensuring that ownership is earned through measurable outcomes.

For UBA, the partnership aligns with its broader focus on financing real-sector initiatives that create jobs and productive assets. Oliver Alawuba noted that transportation plays a fundamental role in dignity, livelihood, and social mobility, drawing from his personal background as the son of a driver.

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He explained that Lagride’s model fits squarely within UBA’s strategy of supporting ventures that deliver sustainable economic impact rather than short-term consumption.

Beyond financing, Lagride is also investing in future-ready mobility infrastructure. As part of its long-term strategy, the company unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its commitment to electrifying parts of its fleet and supporting cleaner urban transport.

Together, Lagride, UBA, and CIG Motors Group are positioning themselves to build a structured, data-driven, and financially bankable mobility ecosystem in Lagos, one where drivers can transition from informal daily earners into asset owners and long-term economic participants.