Following the appointment of Obi Ozor, co-founder of Kobo360 as Enugu’s transport commissioner, the Nigerian logistics startup has appointed Cikü Mugambi to take over as the chief executive.
Until this appointment, Cikü was the chief operating officer at Kobo360. She joined the company in 2021 as chief of staff and investor relations officer after working at IFC (International Finance Corporation), Next Billion Growth and KPMG, for over a decade.
“I am honoured to be tasked with continuing the company’s journey. Obi has been a powerful advocate for the company, and we thank him for his hard work and visionary mission,” Cikü said in a statement. “Powering a complex and challenging supply chain and using technology to scale inter-regional trade is a long-term generational mission; this is what Kobo360 set out to achieve when it launched six years ago.”
Ayo Fashina, who was previously the chief financial officer at the company will now assist Cikü as the chief operating officer. Like the new CEO, Ayo also worked at IFC as a senior investment officer, where he led deal teams in providing debt, equity, trade finance and guarantees to Banks and other financial institutions in Africa.
Prior to the IFC, he was an executive director in charge of the investment banking division of Chapel Hill Denham, where he led the advisory team to assist corporates, sub-nationals and supranational in raising debt, equity and Financial Advisory/M&A transactions.
At the helm of Kobo360’s leadership, Cikü and Ayo will also work alongside Fola Adeola, the co-founder and former CEO of Guaranty Trust Bank, who has also been named as the company’s chairman of the board of directors.
“As an early backer of Kobo360, I am excited to work even more closely with the Board, Cikü, Ayo and the entire team, to continue to build an African technology company that powers our continent’s trade,” Fola said. “The company is at an inflexion point and has made significant progress on its journey to profitability. This is a significant platform on which we plan to grow and scale even further.”
Speaking on these significant appointments in the company’s leadership, co-founder and founding CEO of Kobo360, Obi Ozor said: “My big vision for [the company] was always to make an impact on the lives of many through entrepreneurial innovation, business and economic impact.”
“Alongside my experienced leadership team and Board, I know that we’ve made great strides in achieving this and the work is set to continue, with Cikü, Ayo and Mr. Fola Adeola now firmly in their new roles. My journey with Kobo360 may be changing, but my commitment to its success remains unwavering,” he added. Obi will now focus on his appointment to deliver on policies in the Enugu state transport ecosystem.
Founded in 2017 by Obi and Ife Oyedele II (who exited in 2022), Kobo360 has worked with over 50,000 truck drivers in Nigeria, Benin, Ghana, Uganda, Kenya, Côte d'Ivoire and Burkina Faso to help them transport over 760 million kilos (1.67 billion pounds) of goods, worth an estimated $200 billion.
The company has raised more than $68 million since it was founded. Its last disclosed funding was in 2019; a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks.
Earlier this year, Y Combinator named Kobo360 as one of its top companies [based on valuation], alongside seven other African companies including Paystack, Flutterwave, Wave and Yassir.