By Isaac Daniel | ABNews Business Desk | Uyo | June 25, 2025
UYO — Ibom Airlines Limited (Ibom Air), Nigeria’s only state-owned functional airline, has held its first-ever public Annual General Meeting (AGM), marking a milestone in transparency and corporate governance. The event was held at the prestigious Four Points by Sheraton Hotel in Ikot Ekpene, Akwa Ibom State, and brought together major stakeholders, investors, and aviation industry observers.
In a press release signed by Aniekan Essienette, Group Manager, Marketing and Communication, the company stated that the AGM was convened at the request of the shareholder, Governor Umo Eno, PhD, who expressed a desire for the event to set a benchmark for all state-owned enterprises in Akwa Ibom.
“We are showcasing Ibom Air’s strong corporate governance, performance, and transparency,” Governor Eno noted in his statement. “It is time to lead by example and demonstrate how public-owned businesses can thrive and attract private sector investment.”
Financial Turnaround and Performance Metrics
Addressing the audience, outgoing Board Chairman Mr. Imo-Abasi Jacob gave a comprehensive overview of Ibom Air’s financial and operational performance over the past two years. He highlighted the airline’s impressive recovery from a loss-making position in 2023 to profitability in 2024.
“Revenue increased by 43%, from ₦67 billion in 2023 to ₦96 billion in 2024,” he said. “Operational profit moved from a ₦3 billion loss in 2023 to a ₦16.6 billion profit in 2024, and net profit surged to ₦6.8 billion from a loss of ₦8.7 billion.”
Mr. Jacob attributed this turnaround to cost optimization, strong route expansion, improved on-time performance, and customer loyalty.
New Leadership Announced
One of the highlights of the AGM was the announcement of leadership changes. Governor Eno named Mr. Mfon Udom, Ibom Air’s pioneer CEO, the new non-executive Chairman of the Board. He appointed Mr. George Uriesi, the current Executive Director and Chief Operating Officer, as Acting Managing Director and CEO.
“Both men have been instrumental in building Ibom Air from concept to execution. Their institutional knowledge and vision will guide the airline’s next phase of growth,” the Governor affirmed.
Mr. Udom was the original consultant who crafted Ibom Air’s business plan and later served as the airline’s first CEO, overseeing its launch and expansion. Mr. Uriesi has worked alongside him since inception, contributing to strategic development and operational execution.
Looking to the Future
Governor Eno reiterated the state government’s commitment to supporting Ibom Air while laying the groundwork for future divestment to private investors.
“Our vision is to eventually open up Ibom Air to equity partnerships. But this must be based on value creation and operational excellence, which this AGM demonstrates,” he said.
The AGM concluded with renewed confidence in Ibom Air’s position as a model for state-led business ventures. Stakeholders praised its clear financial disclosures, governance standards, and expansion vision.
About Ibom Air
Ibom Air is a limited liability company wholly owned by the Akwa Ibom State Government. It operates with a modern fleet of nine aircraft: seven CRJ 900s and two Airbus A220-300s. The airline currently serves six domestic destinations and one international route — Accra, Ghana. Ibom Air celebrated its 6th anniversary on June 7, 2025, and remains committed to schedule reliability, on-time performance, and excellent passenger service.
