Dr. Obi Ozor, co-founder of freight logistics startup Kobo360, is attempting to revive the company after reclaiming control through an equity transfer.
His multi-year turnaround plan involves restructuring ₦10 billion owed to partner banks and securing new financing to restart operations by Q2 2025.
Kobo360’s future hinges on winning long-term haulage contracts from major shippers and convincing lenders that the business can generate predictable cash flow. This will be crucial for securing contract-backed financing, where banks fund businesses based on guaranteed future revenue.
Ozor has assured laid-off employees, who are still owed months of unpaid salaries, that operations will resume by Q2 2025, with plans to recall employees by 2026.
Before its financial troubles, Kobo360 was a celebrated logistics-tech startup, raising over $79 million from investors like Goldman Sachs and the International Finance Corporation.
However, its rapid expansion masked deeper financial weaknesses, including reliance on short-term bank loans. A key banking partner’s sudden credit line cut left Kobo360 unable to pay truck owners and suppliers, leading to a dramatic fall.
Despite this, Ozor remains confident that Kobo360 can recover through cost-cutting, debt restructuring, and rebuilding core operations.
