UBA, Lagos Partner in $100m Vehicle Financing Programme

A programme aimed at boosting transportation, expanding vehicle ownership and deepening financial inclusion in Lagos was unveiled yesterday through a $100 million financing partnership involving the United Bank for Africa (UBA) Plc, the Lagos State Government, CIG Motors and Lagride. The initiative is designed to support income generation for commercial drivers while strengthening urban mobility across the state.

The scheme, which is projected to benefit no fewer than 3,500 participants in its first phase, is expected to be extended to other parts of the country as part of broader efforts to create sustainable transport solutions and inclusive economic opportunities.

Tagged “Drive-to-Own,” the programme will see UBA serve as the principal financier, offering structured loans that allow beneficiaries to acquire CIG/Lagride vehicles with an initial equity contribution of 10 per cent and the balance spread over a 48-month repayment period.

Lagride, a ride-hailing transport firm partly funded by the Lagos State Government, is providing the technology-driven mobility platform, while CIG Motors will supply vehicles designed as viable income-generating assets for drivers under the scheme.

The programme was unveiled at the Lagos State Government Secretariat, Alausa, Ikeja, with stakeholders describing the partnership as a practical model for redefining urban transportation, supporting small businesses and creating dignified livelihoods.

“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 this is just the beginning. My father started as a driver, and that income changed our story. That same opportunity will change lives here,” said UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba.

“I am focused on solving immediate, on-the-ground challenges here in Lagos. This initiative will be connected to broader urban development, and Lagos will change because of it. We will not stop in Lagos; we will move beyond,” Alawuba added.

Other stakeholders at the launch noted that the partnership aligns the strengths of all parties, with UBA providing financial backing, CIG Motors delivering reliable vehicles, and Lagride offering a data-driven platform that enables drivers to operate sustainably while gaining access to formal credit.