Ibom Air, the Akwa Ibom State Government-owned airline, has recorded a major financial turnaround, posting a N29 billion revenue increase in 2024. This recovery comes after losses in 2023, largely attributed to the naira’s steep devaluation against the US dollar.
The airline held its inaugural Annual General Meeting (AGM) on Wednesday in Ikot Ekpene, where its management unveiled operational and financial highlights from the past year. The event was convened at the request of Governor Umo Eno, according to a statement released by Ibom Air spokesperson Aniekan Essienette.
Strong Financial Performance
At the AGM, outgoing board chairperson Imo-Abasi Jacob revealed that Ibom Air’s revenue rose by 43%, climbing from N67 billion in 2023 to N96 billion in 2024. The airline shifted from a loss of N3 billion in operational profit in 2023 to a profit of N16.6 billion in 2024. Net profit stood at N6.8 billion, a sharp rebound from the previous year’s net loss of N8.7 billion.
Mr. Jacob attributed this recovery to the airline’s resilience and commitment to operational excellence despite economic challenges. He thanked Governor Eno and the airline’s customers for their continued support and expressed confidence in the company’s future, even as he stepped down after completing his term.
Operational Milestones and Expansion
Since launching its first flight on 7 June 2019, from Victor Attah International Airport in Uyo to Lagos, Ibom Air has consistently marked milestones in Nigeria’s aviation industry. In 2023, it received safety certification from the International Air Transport Association and introduced the first of ten new Airbus A220-300 aircraft, launching regional operations with a new route to Accra, Ghana. A second A220-300 aircraft joined the fleet in August 2024.
The airline, which currently operates a fleet of nine aircraft — seven CRJ 900s and two Airbus A220-300s — services six domestic destinations along with Accra.
Ibom Air has also earned the distinction of being named Nigeria’s Best Airline for four consecutive years.
Leadership Changes and Future Plans
Governor Eno, while expressing satisfaction with Ibom Air’s achievements, reaffirmed his administration’s commitment to supporting the airline until it becomes self-sustaining and open to private investment.
He announced the appointment of Ibom Air’s founding CEO, Mfon Udom, as the new non-executive chairperson of the board. Mr. Udom, who was instrumental in developing the airline’s original business plan, led its launch and growth.
Additionally, the governor appointed the current Executive Director and Chief Operating Officer, George Uriesi, as acting Managing Director and CEO. Mr. Uriesi has been involved with the airline since its inception, having also served on the original consulting team.
Ibom Air continues to operate as a Limited Liability Company fully owned by the Akwa Ibom State Government, maintaining its focus on safety, on-time performance, and service excellence.
