By Ayomide Otitoju
Ibom Airlines Limited (Ibom Air) has held its inaugural public Annual General Meeting (AGM), signaling a new era of corporate transparency and performance accountability. The event, held at the Four Points by Sheraton Hotel in Ikot Ekpene, Akwa Ibom State, was convened at the request of the airline’s sole shareholder, Governor Umo Eno, PhD, who emphasized the need to model corporate governance standards for all state-owned enterprises.
The AGM showcased Ibom Air’s operational and financial achievements, highlighting major strides in route expansion, fleet growth, and customer satisfaction over the past year.
In his address, the outgoing Chairman of the Board, Mr. Imo-Abasi Jacob, expressed gratitude to the Akwa Ibom State Government, Ibom Air’s customers, and staff for their continued support. He emphasized the airline’s commitment to upholding its reputation for safety, on-time performance, and quality service, even as he concluded his statutory tenure.
Jacob also revealed a remarkable financial turnaround in 2024. Revenue surged by 43%, rising from ₦67 billion in 2023 to ₦96 billion in 2024. Operational profit rebounded from a ₦3 billion loss in 2023 to a profit of ₦16.6 billion in 2024, while net profit hit ₦6.8 billion, reversing an ₦8.7 billion loss recorded in the previous year.
Governor Umo Eno lauded the airline’s consistent performance over the past six years and reaffirmed his administration’s commitment to its success. He announced plans for the gradual divestment of the state’s stake to attract new investors and deepen private sector participation.
At the meeting, the Governor formally announced the appointment of Ibom Air’s pioneer CEO, Captain Mfon Udom, as the new non-executive Chairman of the Board. Udom, who initially served as a consultant in developing the airline’s business plan, led Ibom Air from inception through its growth into a leading regional carrier.
Mr. George Uriesi, the current Executive Director and Chief Operating Officer and a key member of the founding team, was appointed Acting Managing Director and Chief Executive Officer.
The AGM ended on a high note, with stakeholders expressing renewed confidence in Ibom Air’s strategic vision to become Africa’s preferred airline, with continued focus on regional expansion, operational excellence, and long-term sustainability.
