IKOT EKPENE
A new chairman has been announced for Ibom Air, Akwa Ibom State-owned airline, as well as the airline’s recovery from a loss position in 2023, following a collapse of the Naira against the US Dollar, to a strong position of profitability in 2024.
This was disclosed by Ibom Airlines Limited (Ibom Air), at its 1st public Annual General Meeting, AGM, which took place Wednesday, at the prestigious Four Points by Sheraton Hotel, Ikot Ekpene, in Akwa Ibom State, Nigeria.
The meeting, which brought together key stakeholders as requested by the shareholder, the Akwa Ibom State Government, provided a comprehensive overview of Ibom Air’s operational and financial achievements over the past year, including notable milestones in route expansion, fleet growth and customer satisfaction.
According to the shareholder, the Governor, Pastor Umo Eno, Phd, said the public AGM was requested to showcase Ibom Air’s strong Corporate Governance and to serve as the model for all of Akwa Ibom’s State-owned Enterprises.
Speaking also at the occasion, the immediate past chairman of the Board, Mr Imo-Abasi Jacob, expressed appreciation to the shareholder, the Akwa Ibom State Government, and the airline’s loyal customers, for their continued confidence and support.
Jacob reaffirmed Ibom Air’s mission to maintain its industry-leading standards in safety, on-time performance, and service quality, even as he was bowing out of office after serving the statutory years as chairman.
He reported that Ibom Air’s revenue grew 43 per cent from N67 billion in 2023 to N96 billion in 2024 and operational profit grew from a loss position of N3 billion in 2023, to a N16.6 billion profit in 2024, adding that net profit in 2024 was N6.8 billion, against an N8.7 billion loss in 2023.
The shareholder, Akwa Ibom State Government, expressed satisfaction with the performance of Ibom Air over the last six years and assured the airline of continued support to enable it succeed to the point where the State government can successfully divest some of its shareholding and bring on new investors.
The Shareholder also used the opportunity to announce the appointment of the pioneer CEO of the Company, Mfon Udom, as the new non-executive chairman of the Board and the appointment of the current executive director and chief operating officer, Mr George Uriesi, as acting managing director and chief executive officer.
Udom was the consultant to Akwa Ibom State Government that put together the business plan for Ibom Air.
He was then saddled with the responsibility as chief executive officer to establish the airline and build it into what it has become today.
The executive director and chief operating officer was part of the consulting team and has worked closely with Captain Udom from the business planning stage of the airline, through establishing and building it into what it has become today.
The AGM concluded with renewed confidence in Ibom Air’s vision of becoming Africa’s airline of choice, with a strategic focus on regional connectivity, operational sustainability, and stakeholder value.
Ibom Air, a limited liability company wholly owned by Akwa Ibom State Government, is committed to setting the benchmark as the airline of choice for passengers. Its fleet now includes nine aircraft: seven CRJ 900s and two Airbus A220-300s.
Ibom Air serves six domestic destinations and Accra, Ghana, and is committed to offering schedule reliability, on-time departures, and excellent service.
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