Ibom Air has reported a strong financial rebound with a net profit of N6.8 billion for 2024, marking a major turnaround from an N8.7 billion loss in 2023. The performance was announced at the airline’s first public Annual General Meeting (AGM), held on June 25, 2025, at Four Points by Sheraton in Ikot Ekpene, Akwa Ibom State.
The AGM was convened at the request of Governor Umo Eno, who emphasized transparency, sound corporate governance, and Ibom Air’s role as a model for state-owned enterprises. The meeting brought together key stakeholders to review the airline’s operational and financial progress.
Outgoing Board Chairman, Mr. Imo-Abasi Jacob, expressed gratitude to the Akwa Ibom State Government and loyal passengers for their unwavering support. He announced that the airline had grown revenue by 43%, from N67 billion in 2023 to N96 billion in 2024. Operational profit surged from a loss of N3 billion to a profit of N16.6 billion within the same period, highlighting the company’s effective cost control, operational efficiency, and strategic planning.
Governor Eno praised the airline’s achievements and announced plans for partial privatisation to attract private sector investment and ensure long-term sustainability. He reassured stakeholders of the state’s continued backing as the airline scales new heights.
As part of a strategic leadership transition, the Governor appointed the airline’s pioneer CEO, Mfon Udom, as Non-Executive Chairman of the Board. Mr. Udom, who designed Ibom Air’s original business plan and led its development from inception, was lauded for his instrumental role in shaping the airline’s success.
Additionally, the current Executive Director and Chief Operating Officer, George Uriesi, was named Acting Managing Director and Chief Executive Officer. Mr. Uriesi, a key member of the airline’s founding team, has worked alongside Mr. Udom since the planning phase.
Since its launch in 2019, Ibom Air has grown into a reputable carrier with a fleet of nine aircraft, including seven CRJ 900s and two Airbus A220-300s. The airline currently serves six domestic routes and one regional destination, Accra, Ghana.
Governor Eno reaffirmed that Ibom Air remains central to the state’s economic diversification strategy. The AGM also institutionalized an annual public review of the airline’s operations—another step in promoting performance-driven governance and accountability.
With renewed leadership and robust financials, stakeholders expressed confidence in Ibom Air’s future as it aims to become Africa’s preferred regional airline, focusing on safety, punctuality, customer satisfaction, and connectivity.
