Allen Onyema, Chairman and Chief Executive Officer of Air Peace, says the airline is holding off on going public in order to build a stronger operational foundation and preserve its long-term vision, even as investor interest remains high.
Speaking as a panelist at the 2025 League of Airport and Aviation Correspondents (LAAC) conference in Lagos, Onyema said the decision was not about raising quick capital but about protecting the company’s mission, its more than 4,000 employees, and its philanthropic commitments.
“If it is about money, I would have done the listing a long time ago,” he said. “I would have gone to the public, maybe made money as some people advised me, and walked away. It is not about that. I am thinking about over 4,000 people who are working with Air Peace today.”
Listing a company on the stock exchange, such as the Nigerian Exchange Group (NGX), allows it to raise funds without relying on bank loans but also subjects it to greater regulatory scrutiny, shareholder oversight, and potential interference in management decisions. Onyema expressed concern that minority shareholders, even those holding as little as 0.5 percent, could challenge the airline’s philanthropic and people-oriented policies in court.
“I am thinking of the people who would take us to court every day after investing just 0.5 percent,” he explained. “They may not allow us to continue some of the philanthropic things we do.”
While stressing that an eventual public listing remains in Air Peace’s long-term plans, Onyema insisted it will only happen after what he called a “solid foundation” has been laid, one that can support the airline’s legacy and withstand the pressures of shareholder influence.
“Some people have told me I can get up to $100 billion with all the aircraft I have ordered,” he said. “But for us, it is about creating something that will stand the test of time, not just about the money.”
