“My Father Started As A Driver”, UBA CEO Said At The Signing Of $100m ‘Drive To Own Scheme’ With LagRide

“My father started as a driver”, UBA CEO said at the signing of $100m “Drive to Own” scheme with Lagos-backed LagRide.

$100 million financing partnership scheme with CIG, LASG and Lagride aimed at empowering 3,500 drivers.

It will allow beneficiaries to pay just 10% of the total vehicle cost, with the remaining amount payable over a period of 4 years.

United Bank for Africa (UBA) Plc has signed a $100 million financing partnership scheme with CIG Motors, Lagride and the Lagos State Government that is aimed at empowering 3,500 drivers in the state with transformative asset ownership opportunities.

The scheme, tagged “Drive to Own”, will allow beneficiaries to own a CIG/Lagride vehicle by contributing an equity payment of just 10 percent of the total vehicle cost, with the remaining amount payable over a period of 48 months (four years).

At the signing ceremony, which took place in Ikeja on Tuesday, UBA’s Group Managing Director/CEO, Oliver Alawuba, highlighted the bank’s visionary commitment to inclusive economic growth, fostering MSME development, and creating tangible opportunities for the younger generation.

“This partnership with Lagride is transformational. It will drive inclusivity for economic growth and ensure progress for everyone. We are committed to helping you, and please believe me, this is just the beginning,” he said.

He took the opportunity to share a deeply personal testament about the power of opportunity: “My father started as a driver. I went to school thanks to that income… That will be the story of some of you, and even better,” he said.

Also at the event, the Lagos-backed e-hailing platform formally unveiled its expanded electric vehicle (EV) charging facility at the Alausa Lagride Centre, reinforcing Lagride’s commitment to integrating electric vehicles into its fleet operations.

Speaking at the event, Chief Diana Chen, Chairman of Lagride, noted that the company has built a data-driven and credit-ready mobility platform for drivers, stressing that transportation is the backbone of Africa’s economic future.

“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 said.

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