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Kobo360 CEO, Obi Ozor Joins World Economic Forum (WEF) Young Global Leader Class of 2021

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Kobo360’s CEO and Co-founder, Obi Ozor, has been honoured as a World Economic Forum Young Global Leader 2021. Through the Young Global Leader Program, Ozor will embark on a five-year leadership development journey that will help him reach the next level of impact, as he continues to build and scale his e-logistics company into a global brand.

The Forum of Young Global Leaders is an independent non-profit foundation bringing together diverse, dynamic, and globally representative leaders for a five-year, personalized leadership program.

With 1,400 members and alumni representing over 120 nationalities, YGLs head governments and Fortune 500 companies, are recipients of Nobel Prizes and Academy Awards, and serve as UN Goodwill Ambassadors.

With the purpose of creating a truly representative body, candidates are evaluated by a selection committee, which selects between 100 -150 new members each year out of thousands of publicly nominated candidates.

Launched in 2017, alongside Ozor’s co-founder Ife Oyedele II, Kobo360 is a global e-logistics technology platform that connects and advances cargo across Africa and beyond. With over seven years of logistics and supply chain experience, Ozor manages all key aspects of Kobo360 including operations, controlling investments, compliance risk management and product growth.

He has also been focussed on creating mass-employment for Africa through job creation, with Kobo360 working with over 50,000 trucks and drivers across the continent. Prior to building Kobo360, Obi was the Operations Coordinator at Uber Nigeria as well as an Investment Banker at J.P. Morgan.

Speaking on the milestone, Obi Ozor, Co-founder & CEO of Kobo360 said: “I am thrilled to be joining the World Economic Forum’s Young Global Leaders program. Being recognised by such a prestigious organisation gives me faith that the work we’re doing at Kobo360 is indeed making an impact, not just in Africa, but globally.

“Building Kobo360 from the ground up, and introducing a technology-enabled platform in a space that already had existing ways of doing things was not the easiest.

“We still have a long way to go, but we are in it for the long haul! At Kobo360, we have created an African Logistics industry where technology is at the forefront of business, and I am looking forward to collaborating with other Young Global Leaders across the world, in different sectors of business, to tackle global challenges.”

Backed by international and African investors including Goldman Sachs, Y Combinator, International Finance Corporation [IFC], Asia Africa Investment & Consulting and TLcom Capital, Kobo360 has raised over $35m and scaled across 7 countries on the continent.

To date, the company’s tech-enabled platform has connected over 50,000 trucks and drivers, who have delivered 2.9 Billion tonnes of cargo to over 1,000 SMEs and large enterprises, such as DHL, Maersk, Unilever, Medlog and OLAM.

“The YGL Class of 2021 is comprised of thoughtful and courageous leaders who will shape a more sustainable and inclusive post-pandemic era,” said Mariah Levin, Head of the Forum of Young Global Leaders.

A leader in the African logistics and technology ecosystem, Obi boasts several accolades including CNBC All Africa Business Leaders Awards 2019 ‘Innovator of the Year’ and ‘Young Business Leader of the Year’. Most recently, he was named as one of Fortune Magazine’s 40 under 40 ‘Global Leaders in Technology for 2020’.


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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