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UBA and Lagos State Formalize $100M Partnership to Transform Urban Mobility

UBA and Lagos State Formalize $100M Partnership to Transform Urban Mobility

By Business Newsroom | December 18, 2025 | Lagos, Nigeria

United Bank for Africa (UBA) Plc has officially executed a landmark $100 million financing facility with LagRide, the Lagos State-supported e-hailing ecosystem. The agreement, signed this morning in Ikeja, is positioned to redefine commercial transportation and financial inclusion in Africa’s largest megacity.

The facility is specifically structured to scale the "Drive-to-Own" initiative, providing a sustainable pathway for 3,500 drivers—locally referred to as "Captains"—to transition from daily vehicle rentals to full equity ownership over a 48-month period.

Core Objectives of the $100M Facility

  • Entrepreneurial Empowerment: By providing low-interest financing, UBA is enabling drivers to build long-term assets rather than paying perpetual rental fees.
  • Fleet Modernization: The investment will introduce thousands of new, fuel-efficient, and CNG-powered vehicles to the Lagos metropolis, reducing carbon emissions.
  • Technology Integration: All financed vehicles will be integrated with the LagRide digital backend to ensure transparent revenue collection and repayment tracking.

Impact on the Lagos Economy

Oliver Alawuba, the Group Managing Director of UBA, noted during the signing that the partnership aligns with the bank's commitment to supporting the real sector and fostering economic growth across its African markets. He emphasized that the bank is not just providing loans, but "investing in the future of transport entrepreneurs."

Lagos State officials highlighted that this injection of private capital via UBA will significantly reduce the pressure on public transport infrastructure while providing a more secure and dignified livelihood for thousands of Lagosians.

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