In October 2024, Nigerian logistics company GoKada – a startup – filed for Chapter 11 bankruptcy protection. This move enables the company to restructure its $1.8 million debt owed to its 20 largest creditors while continuing its operations and avoiding liquidation.
GoKada, founded in 2018 by Deji Oduntan and Fahim Saleh, initially gained recognition as a bike-hailing pioneer but faced significant challenges after Lagos banned commercial motorcycles in 2020. The company then pivoted to logistics, adopting an asset-light model and downsizing to manage costs.
Leadership changes further marked GoKada’s journey, with Olutosin Oni taking over as CEO in 2022 after multiple transitions, including the tragic death of co-founder Fahim Saleh in 2020. Despite efforts to adapt, the company reported declining revenues, with $268,779 in 2023 and $118,988 through October 2024. A proposed acquisition by Kwik Logistics in 2022 also fell through.
Although bankruptcy protection provides an opportunity for recovery, GoKada faces an uphill battle to regain stability.
Will GoKada be able to stay afloat and also remit payment to its creditors? Stay tuned for more news from us.
