By Winifred Bosa

Lagride has secured a 100 million dollar financing facility from United Bank for Africa to expand its Drive To Own programme and enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators and mobility investors.

The partnership strengthens Lagos State’s transportation ecosystem and accelerates the shift toward a structured, technology-enabled and financially bankable mobility sector.

Over the past 10 months, Lagride has rebuilt its entire onboarding and operational system for drivers, known as Lagride Captains. The platform introduced a performance-led Drive To Earn structure supported by weekly and monthly rental models. This system has generated consistent 90-day usage and repayment data across the fleet, allowing United Bank for Africa and other financial institutions to assess driver performance with accuracy, confidence and transparency.

Eligibility for the Drive To Own programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency. Through this approach, Lagride has emerged as the most structured, data-driven and credit-ready mobility platform in Nigeria, setting a new benchmark for bankable driver financing and asset ownership.

“Transportation is the backbone of Africa’s economic future, and platforms like Lagride are creating the blueprint for how African cities can build modern, technology-driven and people-centred mobility systems.”

EV Infrastructure Expansion
As part of the milestone, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its long-term commitment to clean, future-ready mobility. The expanded infrastructure is designed to support the growing electric vehicle segment within Lagride’s fleet, reduce operational downtime and enable more efficient, sustainable transportation at scale. By pairing driver financing with practical EV infrastructure, Lagride is positioning itself as a mobility platform built not just for today’s Lagos, but for the next generation of urban transport.

Chairman’s Vision: From Drivers to Investors
Speaking on the landmark partnership, Chief Diana Chen, Chairman, Lagride, stated that the ultimate goal of the Drive To Own programme is not to keep drivers behind the wheel indefinitely, but to move them up the economic value chain.

She explained that Lagride is intentionally designed to help drivers evolve from operators into owners, and ultimately into investors and partners managing multiple vehicles and teams of people.

“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind. The goal is for drivers who we call Captains to become business owners, fleet partners and mobility investors, not just drivers. 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. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos.”

She noted that the Drive To Own programme is a starting point, not an endpoint, laying the foundation for long-term enterprise building, governance and scalable wealth creation within the mobility sector.

UBA’s Perspective
Delivering remarks at the event, Oliver Alawuba, Group Managing Director and CEO, United Bank for Africa, shared a personal reflection on his father, who had been a professional driver. He spoke about transportation as a source of dignity, livelihood and social mobility, and why UBA considers the sector critical to inclusive economic growth.

He also recounted his reaction when Chief Diana Chen first shared the Lagride vision, describing it as clear, ambitious and strongly aligned with UBA’s commitment to financing real-sector projects that create jobs, build assets and deliver long-term economic impact.

According to him, Lagride represents the kind of transformational, well-governed and data-backed initiative that UBA exists to support across Africa.

Event Speakers and Signatories
The event featured contributions from key stakeholders across Lagride, UBA and CIG Motors Group, including:

Chief Diana Chen, Chairman, Lagride
Ademola Adeyemi, Lagride Academy and Driver Management Team Lead
Dorathy Akpan Etim,  Lagride Captain on the Drive To Own Scheme with UBA
Brigadier General Chukwuemeka Udaya, Special Adviser to the Chairman on Government Relations, who signed on behalf of CIG Motors
Ifeanyi Abraham, PR Director, Lagride, who hosted the event
Other Dignitaries in Attendance
Also present were senior executives and leaders from UBA, Lagride and CIG Motors Group, including:

Wei Bin, Chief Operations Officer, Lagride
Babatunde Ajayi, Head of SME Banking
Alero Ladipo, Group Head, Marketing and Corporate Communications
Olufemi Osobajo, Head of Segments and Channels Marketing
Olufemi Bamigbetan, Head, REDTV
Ramon Nasir, Head of Media Relations
Abiodun Coker, Media Relations
Adetola Adeduwon, Head of Events

From CIG:
Eniola Olutimehin, Chief Operating Officer, CIG Motors
Dr Ram, Chief Financial Officer, CIG
Mrs Manyo Pam, General Manager, Operations, CIG
Mr Martin, Managing Director, Gree
Mr Roamen, Managing Director, Lontor

The partnership underscores a shared commitment by Lagride, United Bank for Africa and CIG Motors Group to build a disciplined, scalable and investor-ready mobility ecosystem where drivers can grow into business leaders, asset owners and long-term partners in Lagos’ transportation future.

The attention of the Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has been drawn to an Instagram video claiming that 12 banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.

The video, posted by one Olaoluwa Segun under the handle Olaoluwa_olas, was clearly produced with the intent to mislead the public, stoke unnecessary panic and exploit alarmist misinformation for personal gain while advertising some miserable wares. The content creator demonstrated a fundamental lack of understanding of banking recapitalisation, making several erroneous and misleading assertions that are easily disprovable by anyone with basic knowledge of the Nigerian banking sector.

As repeatedly explained by the CBN, the recapitalisation exercise is a forward-looking, proactive policy designed to strengthen the banking system and position it to support the Federal Government’s aspiration of a $1 trillion economy by 2030. It is not a crisis response, nor is it an indication of distress. Rather, it is a patriotic call for banks to scale up their capacity to drive economic growth and development.

Contrary to the false claims circulating online, Nigerian banks are currently safe, sound and adequately capitalised, with strong capital adequacy buffers sufficient to meet both customer obligations and regulatory requirements. The recapitalisation initiative focuses specifically on strengthening core ownership capital—namely share capital and share premium—rather than total shareholders’ funds or other capital instruments such as bonds and preference shares.

The CBN has consistently emphasised that the exercise is aimed at growth and stability, not forced consolidation. All banks have a fair and realistic chance of meeting their recapitalisation targets, with more than one-third already having met theirs and most others at advanced stages of implementation. All banks submitted recapitalisation plans to the CBN in 2024, which were vetted and approved for feasibility before execution commenced. In its most recent assessment, the CBN publicly expressed satisfaction with the progress made and reaffirmed that banks are on track to meet the stipulated deadlines.

The misinformation being peddled is therefore entirely baseless and appears driven by mischief, ignorance and a reckless disregard for the economic consequences of false narratives. ACAMB will draw the attention of relevant law-enforcement agencies to this and similar content, particularly where it borders on false representation, economic sabotage and violations of the Cybercrime Act. While freedom of expression is guaranteed, it carries corresponding responsibilities of truthfulness, accuracy and fairness.

Although the entire content of the video is misleading and click-bait driven, specific claims against certain banks deserve clarification. FirstBank, United Bank for Africa (UBA), Fidelity Bank and FCMB are international banks that have made significant progress in their recapitalisation programmes and are well positioned to complete them ahead of schedule. They have exceeded the capital thresholds for national banks and face no risk of undercapitalisation.

Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their respective global parents, while Sterling Bank has completed key phases of its recapitalisation, including private placement and rights issues. Polaris Bank and other institutions mentioned also have clear recapitalisation pathways and remain operationally sound, with no indication of financial distress.

As the CBN Governor, Mr Olayemi Cardoso, stated at his November 2025 briefing, the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations.” He further noted: “We are monitoring developments, and indications show the process is moving in the right direction.”
Nigeria currently has 44 deposit-taking banks across various licence categories, all operating under strict regulatory oversight. Nigerians remain the ultimate beneficiaries of a resilient and well-regulated banking system, and the public is urged to continue their banking activities with confidence and without fear.

ACAMB also cautions content creators and media organisations against chasing click-bait, trends or sensationalism around reputable financial institutions. Accurate, responsible reporting is welcome and protected; however, deliberate misinformation or panic-inducing narratives around the banking sector will be reported to the appropriate authorities in the interest of financial stability and public trust.

Amaka Obiefuna

The future of women-led enterprises in Nigeria took center stage on
November 21, 2025, as the Development Bank of Nigeria (DBN), with support from Agence Française de Développement (AFD), and Sterling One Foundation convened investors, ecosystem leaders, and high-potential women entrepreneurs for the Women Investment Readiness Accelerator (WIRA) Demo Day in Ilupeju, Lagos.

The event underscored DBN’s central role in strengthening Nigeria’s MSME ecosystem,
particularly for women founders who remain critical drivers of economic growth.

The Demo Day marked the culmination of an intensive accelerator cycle funded and championed by DBN, featuring capacity-building, mentorship, and hands-on business development support for women entrepreneurs across agriculture, food processing, waste management, retail,
technology, fashion, and other impact-driven sectors.

A highlight of the day was the pitch showcase, where entrepreneurs presented their refined, scalable business models to investors, financial institutions, and business support organizations.

For many, this moment represented a direct pathway to funding, partnerships, and expansion, opportunities made possible through DBN’s sustained investment in building a stronger, more equitable entrepreneurial landscape.

The WIRA program was launched to address systemic challenges that continue to limit the growth of women-owned enterprises in Nigeria, including restricted access to finance, limited structured mentorship, and insufficient market entry support.

Through WIRA, DBN and Sterling One Foundation are directly tackling these barriers by ensuring women entrepreneurs gain the resources, capacity, and visibility they need to thrive.

Speaking during the Demo Day, Dr. Tony Okpanachi, Managing Director/CEO of
Development Bank of Nigeria Plc, emphasized the importance of sustained investment in women-led enterprises: “What we witnessed here today confirms that investing in women entrepreneurs yields measurable economic and social impact.

Their businesses are innovative, resilient, and positioned for scale. At DBN, we remain committed to ensuring that women-led MSMEs have access not just to financing, but to the knowledge, networks, and market opportunities that enable sustainability and growth. This Demo Day is a clear step
forward in strengthening Nigeria’s entrepreneurial landscape.”

Also speaking at the event, Olapeju Ibekwe, CEO of Sterling One Foundation, highlighted the significance of creating platforms that elevate women’s business leadership and visibility: “The women we celebrated today are solutions-builders. They are tackling real challenges with creativity and determination. But potential alone is not enough, support, connections,and capital are essential.

Through WIRA, our goal has been to close the financing and opportunity gap by providing more than training — we provided guidance, confidence, andaccess. Today’s pitches are proof of what happens when women are empowered to take up space and lead boldly.”

Investor partners and business support organizations present acknowledged the quality and viability of the enterprises showcased, with several founders advancing to follow-up funding and advisory discussions.

The WIRA program remains aligned with broader national and global goals to accelerate gender-inclusive development. With women owning nearly 60% of Nigeria’s SMEs yet receiving disproportionately lower access to capital, DBN’s sustained investment in programs like WIRA demonstrates its commitment to unlocking the full economic potential of women entrepreneurs and advancing inclusive growth across Nigeria.

About the Sterling One Foundation
Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security.

Gender Equality and women empowerment are integrated as a cross-cutting priority across all our programming areas. The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs).

For more information visit onefoundation.ng
About the Development Bank of Nigeria
Development Bank of Nigeria was set up by the Federal Government of Nigeria (FGN) in
collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

Its objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis. For more information visit: