Ibom Air has bounced back from heavy losses, recording a net profit of ₦6.8 billion in 2024. This marks a sharp turnaround from the ₦8.7 billion net loss reported in 2023.
At its first public Annual General Meeting (AGM), held on June 25, 2025, in Ikot Ekpene, Akwa Ibom State, the airline shared the details of its strong financial recovery.
The AGM was held at the request of Governor Umo Eno to encourage transparency and demonstrate the airline’s performance as a state-owned enterprise.
Chairman of the Board, Mr Imo-Abasi Jacob, addressed stakeholders before stepping down from his position. He said the airline had overcome the severe impact of the Naira’s depreciation.
“We recovered from the setbacks caused by the Naira’s collapse against the US Dollar,” he stated.
Revenue jumped by 43%, rising from ₦67 billion in 2023 to ₦96 billion in 2024.
Operational profit also grew dramatically—from a loss of ₦3 billion in 2023 to a gain of ₦16.6 billion in 2024.
Jacob thanked customers and the Akwa Ibom State Government for their consistent support.
Governor Eno Announces Plan to Sell Part of State’s Stake
Governor Umo Eno praised the management team and shared the state government’s next steps.
“We are very proud of the performance of Ibom Air over the past six years,” the governor said.
“Akwa Ibom State will eventually divest part of its shareholding in Ibom Air to attract fresh investment and ensure long-term sustainability.”
This move is expected to boost investor confidence and open the door for broader private-sector participation in the airline.
Leadership Reshuffle and Continued Focus on Growth
The governor also announced leadership changes at the airline.
Pioneer Chief Executive Officer, Mr Mfon Udom, was appointed Non-Executive Chairman of the Board. He created the airline’s original business plan and led it through its formative years.
Mr George Uriesi, who has served as Executive Director and Chief Operating Officer, will now serve as the Acting Managing Director and CEO.
Uriesi was also part of the founding team and worked closely with Udom to build the airline’s brand and routes.
The meeting ended with a renewed commitment to expand regional routes, maintain sustainable growth, and deliver long-term value to stakeholders.
Ibom Air confirmed that this AGM is the beginning of annual public accountability sessions to promote transparency and corporate integrity.
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