Lagos-backed ride-hailing platform Lagride has expanded its Drive-to-Own vehicle financing programme as it handed over keys to a new set of drivers under the scheme.

The vehicle handover ceremony, held at the company’s Alausa hub, marked the second graduation phase of the initiative, which is designed to help drivers transition from operating leased vehicles to becoming vehicle owners through a structured repayment model.

The scheme is powered by a N100 million facility extended to the company by the United Bank for Africa (UBA).

The programme forms part of Lagride’s broader strategy to deepen financial inclusion in the urban mobility sector by creating pathways for drivers to build assets and generate income.

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What they are saying

Six drivers who spoke at the event said the programme had significantly improved their income levels, financial stability, and long-term wealth creation prospects.

According to them, the ownership model provides more predictable earnings while enabling participants to work toward full ownership of the vehicles they operate.

Some of the drivers said they now earn as much as N1 million weekly, highlighting the growing economic impact of the scheme.

  • Speaking on behalf of Lagride Chairman Diana Chen, the company’s Executive Director, Mildred Ekanem, said the initiative aligns with the firm’s objective of leveraging urban mobility as a tool for economic empowerment and asset creation.
  • She noted that the programme extends beyond transportation services by providing drivers with a practical pathway to financial independence and vehicle ownership.

According to Ekanem, the Drive-to-Own model combines vehicle access with training, operational standards, and performance monitoring to create a sustainable framework for professional drivers seeking long-term ownership opportunities.

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Lagride’s Public Relations Director, Ifeanyi Abraham, said the company remains committed to maintaining safety standards, operational discipline, and customer trust as it expands the programme.

 

According to him, the ownership structure encourages drivers to take greater responsibility for vehicle maintenance and service delivery since they are working toward acquiring the vehicles outright.

The expansion of the Drive-to-Own initiative highlights the growing role of technology-enabled mobility platforms in promoting employment, financial inclusion, and asset ownership within Nigeria’s transportation ecosystem.

What you should know

The latest vehicle handover comes months after Lagride secured a N100 million financing facility aimed at accelerating the expansion of its Drive-to-Own programme.

The company said the funding would support plans to help thousands of Lagos drivers transition from daily income earners into long-term asset owners, business operators, and mobility investors.

  • “This 100 million dollar partnership with United Bank for Africa moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures,” Lagride Chairman, Chief Diana Chen, said in December after signing the deal.

Meanwhile, the latest vehicle handover also marked the completion of a 90-day training programme at the Lagride Academy, where participating drivers underwent professional development and operational training before joining the ownership scheme.