Her resignation, which she disclosed during a company-wide meeting on 29 October, follows a period of expansion, but financial challenges for the company. 

Mugambi’s tenure as CEO began in August 2023 after the departure of co-founder Obi Ozor, who left to assume a governmental role as Commissioner for Transportation in Enugu State.

Ciku Mugambi initially joined Kobo360 in 2021, moving from her role at the International Finance Corporation (IFC), where she was Chief Operating Officer (COO). 

Her elevation to CEO brought hope for stability and growth, but economic pressures from the pandemic and investor reluctance hampered Kobo360’s fundraising efforts. 

The company had faced particular issues in securing funds for its Series B round, a challenge that preceded Mugambi’s leadership.

Founded in 2017, Kobo360 quickly established itself as a key logistics partner for companies like Dangote, Unilever, and Flour Mills. 

With early investments, including $6 million in a seed round led by IFC in 2018 and a $30 million Series A round in 2019, Kobo360 built its reputation on providing efficient truck access across Africa. 

However, as the logistics industry struggled globally, Kobo360’s fundraising setbacks deepened, and attempts to close the anticipated $50 million equity round in 2021 failed to materialise.

Under Mugambi’s leadership, the company reportedly managed to break even in its Nigerian operations—a good achievement—but challenges in accessing fresh capital continued. 

During her resignation announcement, Mugambi subtly acknowledged the financial limitations Kobo360 faced, particularly in raising new investments. 

Now, Kobo360 is expected to reveal its new leadership soon and hopes to address its funding challenges while adapting to the evolving logistics sector across Africa.

The state government has equally created the Ministry of Energy and Mineral Resources to oversight and catalyse investment in the energy and mineral sector.

These were made known Prof. Chidiebere Onyia, by the secretary to the State Government, and Dr. Obi Ozor, the commissioner for Transportation, after a meeting of the State Executive Council at the weekend.

Briefing Government House correspondents after the meeting, Prof. Onyia said,

“Recall that earlier in this administration, the governor signed the Enugu State Electricity Law and that Law requires that an independent regulator will be set up, but there will also will be a supervising ministry that will handle all our engagements in the energy space and also in our mineral resource space.

“Considering the level of mineral resources availability in Enugu State, the government had decided, at the end of EXCO today, to now create this Ministry and the mandate includes oversight of most of our investment opportunities within the solid mineral space and also to help catalyse investments in the energy space. EXCO resolved that this new Ministry would take effect immediately.”

On his part, Dr. Ozor said the state was not only introducing CNG buses, but also building the supporting infrastructure to ensure ease of operation and safety of commuters, noting that the government is also doing its part to not only invest more in buying CNG buses, but also to support private sector investment in the transportation space.

“The Executive Council resolved that it is very important for the state and her citizens to begin the process of transitioning from petrol to CNG which saves about half of the cost of fuel in our transportation, thereby reducing the cost of transportation for our people.

“All these are geared towards bringing safe and affordable and sustainable transportation system. This ties into the infrastructure that is underway – the bus terminals, improved bus shelters, the internet of things and gadgets in these buses that will allow us to be able to know where our citizens are and make sure that they are safe from any incident.

“The state is also creating an enabling environment to attract the right investors within the CNG space and the state has already done that with partnership with Greenville Energy,” he stated.

He explained that the government was already constructing a massive CNG mother station at Ugwu Onyeama, which would have the capacity to serve the entire South East, adding that the construction of the ancillary daughter stations that would look like filling stations would commence in a matter of weeks.