Lagride, an e-mobility company backed by the Lagos government, has successfully secured a significant $100 million financing facility from the United Bank for Africa (UBA). This substantial funding is designated for the expansion of its 'Drive To Own' programme, an initiative designed to enable 3,500 Lagos drivers to transition from being daily earners into long-term asset owners, astute business operators, and strategic mobility investors. This partnership with UBA is set to strengthen Lagos State’s transportation ecosystem and accelerate the shift towards a more structured, technology-enabled, and financially bankable mobility sector.

Chief Diana Chen, Lagride's Chairman, highlighted the core philosophy behind the 'Drive To Own' programme. She stated that the ultimate goal is not to keep drivers indefinitely behind the wheel, but rather to facilitate their progression up the economic value chain. Chen explained that Lagride is intentionally designed to empower drivers, referred to as 'Captains', to evolve from operators into owners, and subsequently into investors and partners capable of managing multiple vehicles and teams of people. She emphasized that Lagride was created to provide Lagos with a modern, disciplined, and technology-driven mobility system while ensuring that drivers are integral to this advancement. "The goal is for drivers, whom 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," Chen remarked. She further noted that the 'Drive To Own' programme serves as a starting point, establishing a foundation for long-term enterprise building, robust governance, and scalable wealth creation within the mobility sector.

Over the past ten months, Lagride has meticulously rebuilt its entire onboarding and operational system for its Captains. The platform introduced a performance-led 'Drive To Earn' structure, supported by both weekly and monthly rental models. This system has consistently generated reliable 90-day usage and repayment data across the fleet, enabling United Bank for Africa and other financial institutions to accurately, confidently, and transparently assess driver performance for financing purposes. Eligibility for the 'Drive To Own' programme is contingent upon clearly defined performance thresholds, consistent repayment discipline, stringent safety compliance, and unwavering service consistency. Through this rigorous approach, Lagride has emerged as Nigeria's most structured, data-driven, and credit-ready mobility platform, setting a new benchmark for bankable driver financing and asset ownership.

Lagride affirmed the broader significance of its mission, stating that "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." Oliver Alawuba, Group Managing Director and CEO of UBA, articulated the bank's view, describing transportation as a critical source of dignity, livelihood, and social mobility, essential for inclusive economic growth. He praised Lagride's vision as clear, ambitious, and strongly aligned with UBA’s commitment to financing real-sector projects that generate jobs, build assets, and deliver long-term economic impact. Alawuba characterized Lagride as a transformative, well-governed, and data-backed initiative that UBA is dedicated to supporting across Africa. The partnership underscores a shared commitment by Lagride, United Bank for Africa, and CIG Motors Group to foster a disciplined, scalable, and investor-ready mobility ecosystem where drivers can genuinely evolve into business leaders, asset owners, and long-term partners in shaping Lagos’ future transportation landscape.