United Bank for Africa (UBA) Plc has signed a $100 million expansion facility with LagRide, the Lagos State backed e-hailing platform, to empower 3,500 drivers, accelerate vehicle ownership, and promote clean-energy transport across Lagos.
The partnership, which also involves Lagos State Government, aims to transition participating drivers from renting vehicles to owning them over a four-year period, providing both financial empowerment and structured training to enhance professionalism and road safety.
Speaking at the signing ceremony in Lagos Tuesday, UBA Group Managing Director/CEO, Oliver Alawuba, described the initiative as a key step towards accelerating job creation, financial inclusion, economic growth, and safer urban mobility.
Alawuba stated, “This partnership is designed to finance up to 3,500 LagRidedrivers in Lagos State. What this means is that at least 3,500 drivers will transition from renting vehicles to owning them within a period of about four years. This is a major step toward economic empowerment for the drivers. The initiative also includes structured training, which will improve professionalism and road safety across Lagos.
“For passengers, this partnership translates into safer and more secure rides across Lagos routes. Overall, the initiative is expected to drive financial inclusion, economic growth, and social progress.”
A distinguishing feature of the initiative is the use of compressed natural gas (CNG) vehicles, supporting Nigeria’s clean-energy goals and ensuring environmentally friendly transport.
Alawuba explained, “Another important aspect is that the vehicles involved will run on compressed natural gas (CNG), meaning cleaner energy and a better environment for everyone.
“There have been concerns around insecurity in ride-hailing services in Lagos, but these drivers will be professionally trained, ensuring a safer and more reliable passenger experience with LagRide.”
Chairman of LagRide, Diana Chen, emphasised the focus on drivers as the primary beneficiaries.
Chen said, “We are moving drivers from being individual workers to empowered platform participants, with structure, stability and a clear path to success as vehicle owners. Riders also benefit through an expanded fleet, improved service availability, and a more reliable ride-hailing experience.”
Chen added that CIG Motors, the vehicle partner, brought over a decade of experience and a nationwide workshop network to maintain the vehicles, ensuring safety and reliability.
Nume Ekeghe
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