In a landmark move for financial inclusion and economic empowerment, United Bank for Africa (UBA) Plc has entered a major financing partnership aimed at transforming the lives of thousands of drivers in Lagos State.
A $100 Million Partnership for Transformative Ownership
The bank, alongside CIG Motors, the e-hailing platform Lagride, and the Lagos State Government, has sealed a $100 million financing partnership scheme. The initiative, officially tagged “Drive to Own,” is designed to empower 3,500 drivers with the rare opportunity of vehicle ownership, a significant asset that can change their economic trajectory.
At the signing ceremony held in Ikeja on Tuesday, December 22, 2025, the scheme's groundbreaking terms were revealed. Beneficiaries will be able to own a CIG/Lagride vehicle by making an initial equity payment of just 10 percent of the total vehicle cost. The remaining balance is structured to be payable over a comfortable period of 48 months, or four years, making the dream of ownership a tangible reality.
Personal Testimonies and a Vision for Inclusive Growth
UBA’s Group Managing Director and CEO, Oliver Alawuba, used the occasion to underscore the bank's deep commitment to fostering inclusive economic growth and supporting Micro, Small, and Medium Enterprises (MSMEs). His speech took a poignant turn as he shared a personal connection to the initiative's mission.
“My father started as a driver. I went to school thanks to that income,” Alawuba revealed, highlighting the foundational role such work can play. “That will be the story of some of you, and even better.” He described the partnership with Lagride as “transformational,” stating it would drive inclusivity and ensure progress for a broader segment of society, ending with a promise: “We are committed to helping you, and please believe me, this is just the beginning.”
Lagride's Data-Driven Platform and EV Expansion
The event also served as a platform for Lagride to showcase its evolving infrastructure and strategic vision. The Lagos State-backed e-hailing company formally unveiled its expanded electric vehicle (EV) charging facility at the Alausa Lagride Centre. This move solidifies the company's commitment to integrating sustainable electric vehicles into its fleet operations, aligning with global shifts towards greener transportation.
Speaking on the partnership's framework, Chief Diana Chen, Chairman of Lagride, emphasized the critical role of data. She noted that Lagride has built a sophisticated, data-driven and credit-ready mobility platform specifically for drivers.
“Lagride now stands as the most structured, data-driven and credit-ready mobility platform in Nigeria. This data enables UBA to evaluate driver performance with accuracy and confidence, creating a new standard for bankable driver financing,” Chen stated. She reinforced that transportation remains the backbone of Africa's economic future, and this scheme is a direct investment in that foundation.
The “Drive to Own” scheme represents a significant collaborative model between the private sector, a state government, and a financial institution. It directly addresses asset poverty by providing a clear, structured path to ownership for thousands, potentially creating a ripple effect of improved livelihoods and economic stability within the Lagos transport ecosystem.
