United Bank for Africa (UBA) Plc has entered a $100 million financing partnership with the Lagos State Government and e-hailing platform LagRide to support vehicle ownership for 3,500 drivers over the next four years.
The agreement, signed on Tuesday in Ikeja, is designed to move drivers away from daily car rentals to full ownership, while promoting financial inclusion, safer transportation, and sustainable urban mobility in Lagos.
UBA Group Managing Director and CEO, Oliver Alawuba, described the initiative as a long-term empowerment strategy rather than conventional auto financing. According to him, beneficiaries will receive structured training aimed at improving professionalism, road discipline, and passenger safety.
He added that the programme will deploy compressed natural gas (CNG) vehicles to reduce emissions and support a cleaner environment.
“Beyond vehicle ownership, this initiative is about empowering people, creating jobs, and expanding economic opportunities for Lagos’ growing youth population,” Alawuba said.
LagRide Chairman, Diana Chen, said the scheme offers drivers a transition from daily income earners to asset owners, improving their financial stability and long-term prospects.
She noted that CIG Motors will manage vehicle maintenance through its nationwide service network to ensure safety and reliability, while also hinting at future partnerships to expand the programme’s reach.
Drivers at the event welcomed the development, describing it as a breakthrough opportunity. Beneficiary Dorothy Etim said the initiative represents a major step toward financial independence, adding that previous access to banking support helped her build a nationwide network of female drivers.
