Ride-hailing platform Lagride has rolled out a new batch of vehicles in Lagos as part of its Drive To Own programme, aimed at helping drivers move from rental arrangements to full vehicle ownership.

At a vehicle handover event on Tuesday in Lagos, the company announced its goal of deploying 3,500 vehicles under the scheme.
Supported by a $100 million facility from United Bank for Africa, the programme evaluates drivers based on measurable criteria, including service quality, safety records, regulatory compliance, ride completion rates, customer feedback, and operational discipline on the platform.

Lagride stated that eligibility for vehicle ownership is based on verifiable performance records from a prior rental period, providing a track record for both the company and its financing partners.

“With UBA as a key partner and a strong financial backbone behind the programme, we are building a credible ownership engine that strengthens service quality and expands opportunity for captains over time. Our ambition is clear: scale responsibly and reach a deployment target of 3,500 vehicles as the programme grows,” said Lagride Executive Director, Mildred Ekanem, said.

Also at the event, the Head of Business Banking at UBA,
Babatunde Ajayi, said the $100 million facility supporting the programme reflects the bank’s confidence in a framework that links performance data, strong governance, and a clear pathway to vehicle ownership.

“This programme reflects what banking should be in the modern African economy: practical, inclusive, responsible, and forward-looking,” he said.

Last year, Lagride announced that it had secured a $100 million financing facility from UBA to expand its Drive-To-Own programme.

Lagride Chairman, Chief Diana Chen, said the programme’s ultimate goal is not to keep drivers behind the wheel indefinitely, but to help them move up the economic value chain.

“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,” she said.

The company said the new funding facility will be used to expand the fleet under the Drive-To-Own programme, giving more drivers the opportunity to participate without depending on informal loans or expensive vehicle leases.