UBA empowers Lagos ride-hailing drivers through $100m partnership with LagRide and Lagos State, enabling 3,500 drivers to own vehicles and gain training
United Bank for Africa Plc has signed a $100 million partnership with the Lagos State Government and LagRide to finance vehicles for 3,500 ride-hailing drivers, a move aimed at transitioning drivers from renting cars to full ownership.
Also read: Fubara receives APC card in Port Harcourt
The Memorandum of Understanding was executed in Ikeja, Lagos, with UBA Group Managing Director and Chief Executive Officer Oliver Alawuba describing the initiative as a step toward economic empowerment and safer roads for Lagos commuters.
“What we have today is the signing ceremony of a partnership among UBA Plc, LagRide, and the Lagos State Government. The purpose of this partnership is to finance up to 3,500 vehicles for LagRide drivers in Lagos State,” Oliver Alawuba said.
He added that the programme will combine vehicle ownership with structured training, aimed at improving road conduct and service delivery.
“For Lagos passengers, this partnership will deliver a more secure and safer ride experience across the state,” he said.
The initiative also introduces CNG vehicles running on clean energy, reflecting the project’s commitment to sustainability.
Alawuba emphasised that the repayment structure has been carefully designed to ensure a smooth transition from renting to ownership, creating long-term financial empowerment for drivers.
LagRide Chairman Diane Chen highlighted the broader impact of the scheme.
“From today, we are moving from a system where people merely walk up to a platform to one that offers empowerment, structure, and success to the owner of the car,” Chen said.
She added that vehicle maintenance will be managed by CIG Motors in collaboration with GAC Motor to ensure safety and reliability.
Chen also noted that LagRide remains open to partnerships beyond UBA and financial institutions to make the programme more inclusive.
One beneficiary, Dorothy Etim, spoke of her journey as a female driver.
“Being the only woman standing here today, this moment feels like a dream come true for me,” she said.
“Through determination and previous support from banks, I was able to grow a network of female drivers nationwide. Today, I am proud and grateful for this initiative, which provides a pathway to financial independence.”
Also read: UBA fraud prevention drive gains strong momentum
With this $100 million programme, UBA, LagRide, and Lagos State aim to combine financial inclusion, employment creation, and sustainable mobility solutions, setting a potential model for other states in Nigeria.
Peculiar Adirika is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
