Nigerian logistics startup, Kobo360, has announced the appointment of Cikü Mugambi as the new CEO of the company. This is coming after the resignation of Obi Ozor as CEO. Obi Ozor, who is also a Co-founder of Kobo360, was appointed as the new Commissioner of Transportation in Enugu State.
Ayo Fashina was also named the company’s new Chief Operations Officer (COO), while Founder of Guaranty Trust Bank, Fola Adeola was appointed the new Chairman of the Board of Directors.
Get to know the new executives at Kobo360
Cikü Mugambi previously held the position of Chief Operating Officer at Kobo360 since joining the company in 2021. Before then she served as the Chief of Staff and Investor Relations Officer, and amassed more than ten years of experience, working at prominent organizations including the International Finance Corporation (IFC), Next Billion Growth, and KPMG.
In a statement, the new CEO expressed her gratitude for being entrusted with the responsibility of carrying forward the company’s trajectory. She acknowledged Obi’s significant contributions as a staunch supporter of the company, extending her appreciation for his diligent efforts and visionary endeavours.
She added, “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, the company’s previous Chief Financial Officer, will now serve as Cikü’s Chief Operations Officer. Ayo, like the incoming CEO, worked as a senior investment officer at IFC, where he oversaw teams in providing financing, equity, trade finance, and guarantees to African banks and other financial institutions.
Additionally, he served as an executive director of Chapel Hill Denham’s investment banking division before joining the IFC. There, he headed the advisory team that helped corporations, subnationals, and supranationals raise debt, equity, and complete financial advising and merger and acquisition transactions.
The Founder and former CEO of Guaranty Trust Bank, Fola Adeola was also appointed as the chairman of the board of directors. Alongside him, Cikü and Ayo will serve as Kobo360’s leaders, steering the company to future growths.
“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.
He added that the company is at an inflexion point and has made significant progress on its journey to profitability. This is a significant platform on which the company plans to grow and scale even further.
Regarding these notable appointments within the company’s leadership, Obi Ozor, co-founder and original CEO of Kobo360, remarked that from the beginning, his goal for the company was to create a meaningful influence on numerous lives through entrepreneurial innovation, fostering business growth, and generating economic impact.
He noted that with the help of his leadership team and Board, significant progress has been made toward achieving their goals. He said the effort will continue since Cikü, Ayo, and Mr Fola Adeola are securely established in their respective positions.
Read More: Kobo360’s Obi Ozor and Ife Oyedele Join the 96th Cohort of Endeavor Entrepreneurs
About Kobo360
Kobo360, an Africa’s innovation leader in integrated logistics solutions and truck brokerage services. has forged partnerships with over 50,000 truck drivers spanning various regions including Nigeria, Benin, Ghana, Uganda, Kenya, Côte d’Ivoire, and Burkina Faso.
Since its inception in 2017 by Obi and Ife Oyedele II, who departed in 2022, the business collaborative efforts have facilitated the transportation of an impressive 760 million kilograms (1.67 billion pounds) of goods, valued at an estimated $200 billion.
Kobo360 has garnered more than $68 million in funding. Notable funding rounds include a disclosed $20 million Series A investment led by Goldman Sachs, as well as an additional $10 million in working capital financing from Nigerian commercial banks, both of which took place in 2019.
In recognition of its accomplishments, Y Combinator, an American technology startup accelerator launched in March 2005. earlier this year, identified Kobo360 as one of its esteemed enterprises with significant valuation, sharing this distinction with seven other notable African companies including Paystack, Flutterwave, Wave, and Yassir.
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