Exposure of O2 to a reaction mixture containing bis(acac)cobalt(ii), a facially capping tris(N-heterocyclic carbene)borate ligand and 1-methylimidazole yields a heteroleptic cobalt(iii) complex with acac, 1-methylimidazole and tris(NHC)borate ligands. meta-Chloroperbenzoic acid is efficiently activated by this heteroleptic complex to catalytically oxidize cyclohexane at ambient temperature.