Business
Exclusive: LAGRIDE Drivers Reject Monthly Salary Model For Drive-to-Own
CIG Motors has replaced the drive-to-own scheme with a salaried model, where drivers earn a fixed monthly salary of ₦150,000.
LagRide drivers are rejecting the new salary model introduced by Choice International Group (CIG), the distributor of GAC motors in Nigeria.
CIG Motors recently took over the full operational control of LagRide from the Lagos State Government, including the management of the vehicles and drivers.
LagRide, a ride-hailing service in Lagos, Nigeria, is owned and operated by a partnership between the Lagos State government and CIG Motors, since 2021, as an alternative to the rickety yellow and black-coloured taxis scattered across the city.
Ohibaba learned that, following the March 2025 full takeover, CIG had replaced the previous drive-to-own scheme with a salaried model for drivers.
Drive-to-Own Scheme:
The previous scheme allowed drivers to lease GAC vehicles through a down payment and daily installments.
Salaried Model:
CIG Motors has replaced the drive-to-own scheme with a salaried model, where drivers earn a fixed monthly salary of ₦150,000.
Some of the drivers who spoke with our Reporter are complaining that the monthly salary model isn’t favourable, and would likely switch to competitors, the likes of Bolt and Uber.
It was further gathered that the new management of LagRide has commenced retraining programmes for the drivers, batch by batch.
Meanwhile, the Lagos State government, led by Governor Babajide Sanwo-Olu, initiated LagRide as a solution to improve mobility and provide a multi-modal transportation system for Lagosians.
Purpose of LagRide:
LagRide aims to provide a more modern and reliable alternative to the traditional, often rickety, taxis that were previously prevalent in Lagos.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
Business
Ibukun Awosika resigns from Cadbury board
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
Ibukun Awosika has resigned from the board of Cadbury Nigeria Plc, after more than 16 years of service.
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.
Business
UAE announces exit from OPEC, OPEC+ amid Iran war tensions
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
The United Arab Emirates has announced it is withdrawing from OPEC and the broader OPEC+, delivering a significant setback to the oil-producing bloc and its de facto leader, Saudi Arabia, at a time when the ongoing Iran war has triggered a major global energy shock.
Reuters reported that the departure of the UAE, a longstanding member of OPEC, is expected to create uncertainty within the group, which has traditionally maintained a united front despite internal disagreements over geopolitics and production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” said the energy minister.
When asked whether the UAE consulted with Saudi Arabia, he said the country did not raise the issue with any other nation.
The decision comes amid mounting tensions in the Strait of Hormuz, where Gulf producers have struggled to move exports due to Iranian threats and attacks on vessels.
The strategic waterway typically handles about a fifth of the world’s crude oil and liquefied natural gas shipments.
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