BREAKING: UBA Officially Signs 100 Million Dollars Expansion Facility Deal With LAGRIDE [PHOTOS]

BREAKING: UBA Officially Signs 100 Million Dollars Expansion Facility Deal With LAGRIDE [PHOTOS]

The Genius Media Nigeria reports that The United Bank Of Africa has officially signed a partnership deal with LAGRIDE on 100 million Dollars Expansion with.

The event took place at  Lagride Centre, Alausa, Lagos on Tuesday 16th December 2026.

The landmark deal is to strengthening smart mobility, driver asset ownership and sustainable transport infrastructure in lagos state.

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.”

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.