Ibom Airlines Limited (Ibom Air) held its first-ever public Annual General Meeting (AGM) on Tuesday, showcasing strong financial results, governance transparency, and new board appointments as it marked six years of operations.
The event, held at the Four Points by Sheraton Hotel in Ikot Ekpene, followed a directive by the shareholder, Akwa Ibom State Governor, Pastor Umo Eno, PhD, who emphasized the need for public accountability and the setting of a corporate governance benchmark for all state-owned enterprises.
In his remarks, Governor Eno lauded the airline’s performance over the years, stating that its success story makes a compelling case for eventual partial divestment and investment attraction.
“Ibom Air has proven its viability and capacity. The long-term vision is to bring in strategic investors as the State gradually reduces its stake,” Governor Eno said.
The meeting provided a comprehensive review of Ibom Air’s operations and financials, including a remarkable recovery from a loss position in 2023 to profitability in 2024. According to the outgoing Chairman, Mr. Imo-Abasi Jacob, revenue grew by 43%, from ₦67 billion in 2023 to ₦96 billion in 2024, while operational profit swung from a ₦3 billion loss in 2023 to a ₦16.6 billion profit in 2024. The airline’s net profit stood at ₦6.8 billion, compared to a net loss of ₦8.7 billion the previous year.
Mr. Jacob, who bowed out after serving his statutory term as Board Chairman, thanked stakeholders for their support and reaffirmed the airline’s commitment to maintaining high standards of safety, on-time performance, and customer service.
A major highlight of the AGM was the appointment of the airline’s pioneer CEO, Mr. Mfon Udom, as the new Non-Executive Chairman of the Board. Mr. Udom was instrumental in developing the initial business plan and led the airline from inception to its current position of strength.
Also appointed was the airline’s current Executive Director and Chief Operating Officer, Mr. George Uriesi, who will now serve as Acting Managing Director and Chief Executive Officer. Uriesi was part of the consulting team that helped conceptualize the airline and has worked closely with Mr. Udom throughout the journey.
The AGM concluded with renewed confidence in Ibom Air’s long-term vision of becoming Africa’s airline of choice, with an emphasis on regional connectivity, operational sustainability, and value creation for all stakeholders.
About Ibom Air
Ibom Air is a limited liability company fully owned by the Akwa Ibom State Government. With a growing fleet of nine aircraft—seven CRJ 900s and two Airbus A220-300s—the airline currently serves six domestic destinations and Accra, Ghana. It is known for on-time departures, schedule reliability, and exceptional service.
Ibom Air marked its sixth anniversary on June 7, 2025.
For more information, visit www.ibomair.com or contact mediarelations@ibomair.com.
Signed:
Aniekan Essienette
Group Manager, Marketing and Communication
Ibom Air
