Friday 18 August 2023. Lagos, Nigeria. Kobo360, Africa’s innovation leader in integrated logistics solutions and truck brokerage services, today announces that its co-founder, Obi Ozor, has stepped aside from his role as CEO and Board Chair with immediate effect. The Board of Directors has named his successor as Cikü Mugambi, the current COO of Kobo360, who will be supported by the company’s CFO of 2 years, Ayo Fashina.
With a stellar career in Africa’s tech and VC spaces at the IFC (International Finance Corporation), Next Billion Growth and KPMG, Ciku has excelled as a leader of the company since joining Kobo360 in 2021. In addition to Cikü’s appointment, the leadership team will be further bolstered with the appointment of a new Chairman of the Board of Directors, Mr. Fola Adeola, a seasoned entrepreneur, investor and philanthropist and co-founder of Guaranty Trust Bank, one of Africa’s largest banks.
Speaking on her appointment, Cikü Mugambi, Kobo360’s CEO says, “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 and 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”.
Since its launch in 2017, Kobo360 has served customers across 8 markets in Africa, onboarded more than 30,000 trucks and 700 customers onto the platform. Since its inception, the company has moved over 9 billion kg of goods and created over 150,000 direct and indirect jobs. Additionally, Kobo360 has secured strategic partnerships and integrations with local commercial banks, insurance companies and OEMs including Flour Mills of Nigeria, Unilever, CimIvoire, Kasapreko, One Acre Fund, United Bank of Africa, Fidelity Bank and Tangerine Insurance, among others.
On his appointment as Chairman of Kobo360’s Board of Directors, Fola Adeola says, “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. The company is at an inflection 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.”
Ozor steps down to pursue his passion for public service and scaling opportunities for Nigeria’s youth, having recently been selected as Commissioner for Transportation for Enugu State. In a statement, Obi Ozor says, “My big vision for Kobo360 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”
Commenting on the new leadership, Omobola Johnson, Senior Partner at TLcom Capital and Board Member at Kobo360, says, “The Board of Kobo360 and the company’s investors support Obi’s move and thank him for his contributions and tireless work for the company. We are pleased that the leadership transition has been seamless, which is not only the result of Cikü and Ayo’s impressive leadership and capabilities through challenging periods, but also the instrumental support of CardinalStone Capital Advisors during this process. With the addition of Fola Adeola, one of Nigeria’s foremost business leaders and experienced entrepreneurs, taking the role of Chairman of the Board, we are confident in delivering on our mission”.