Dr. Obi Ozor, co-founder of Kobo360, is attempting to revive the struggling freight logistics startup after reclaiming control through an equity transfer. His turnaround plan hinges on restructuring ₦10 billion in bank debt and securing fresh funding to restart operations by Q2 2025, according to sources close to the company.
However, it is evident that new success for the brand depends on whether they can secure long-term haulage contracts from major shippers and convincing lenders that Kobo360 can generate steady cash flow.
In a WhatsApp message to former employees, some of whom are still owed months of salaries, Ozor claimed the company was close to finalizing important deals. He promised that operations would resume in 2025, and the company plans to rehire staff by 2026.
Before its financial troubles, Kobo360 had raised over $79 million from investors like Goldman Sachs and IFC, expanding into multiple African markets and aggregating over 50,000 trucks for clients like Unilever and DHL.
However, its aggressive expansion relied heavily on short-term bank loans rather than sustainable revenue. The breaking point came when a key banking partner cut its credit line, leaving Kobo360 unable to pay truck owners and suppliers. As financial troubles mounted, investors pulled out, top executives resigned, and by late 2024, operations had nearly ceased.
Despite the challenges, Ozor remains determined. He has assembled a small team focused on cost-cutting, debt restructuring, and rebuilding operations. While it’s unclear what Kobo360’s new business model will be or how close it is to securing funding, Ozor is highly optimistic of a loud comeback into the logistics scene.
