Ibom Air Earns N96bn Revenue In FY2024
In a bold demonstration of resilience and strategic recovery, Ibom Air has reported a staggering ₦96 billion in revenue for 2024 marking a 43% surge from the previous year’s earnings. The revelation came during the airline’s maiden Annual General Meeting (AGM), held in Ikot Ekpene, Akwa Ibom State, on Wednesday.
The state-owned airline, which took off just six years ago, has not only weathered economic turbulence most notably the naira’s sharp decline in 2023 but has emerged as a shining example of government-backed enterprise success.
According to Ibom Air’s outgoing Board Chairperson, Imo-Abasi Jacob, the airline swung from a ₦3 billion operational loss in 2023 to a robust ₦16.6 billion profit in 2024. Net profit stood at ₦6.8 billion, a remarkable turnaround from the previous year’s ₦8.7 billion deficit.
“This reflects not just financial discipline, but a strong operational backbone and clear strategic direction,” Jacob remarked, while also thanking Governor Umo Eno and the airline’s loyal customer base for their unwavering support.
Growth Despite the Odds
Founded in 2019 with an inaugural flight from Uyo to Lagos, Ibom Air has quickly become a force in Nigeria’s aviation sector. The carrier has won the ‘Best Airline of the Year’ award for four consecutive years and, in 2023, received its International Air Transport Association (IATA) safety certification—an industry benchmark.
With a current fleet of nine aircraft seven CRJ 900s and two Airbus A220-300s the airline expanded into West Africa last year, launching its first regional route to Accra, Ghana. A second Airbus A220-300 joined the fleet in August 2024, further consolidating its regional ambitions.
Changing the Guard
The AGM also marked a leadership transition. Governor Eno announced the appointment of founding CEO Captain Mfon Udom as the new non-executive chairperson of the Board. Udom, who played a pivotal role in conceptualizing and launching the airline, now steps into a strategic oversight role.
Taking the reins as acting Managing Director and CEO is George Uriesi, the current Executive Director and Chief Operating Officer. Uriesi, who has been with the airline since its planning phase, is expected to continue driving its operational excellence.
“These appointments are not just symbolic they reflect continuity and deep institutional memory,” said airline spokesperson Aniekan Essienette.
Eyes on the Future
Governor Eno expressed confidence in the airline’s trajectory, hinting at potential partial privatization in the future.
“Our goal is to grow Ibom Air to a point where the state can divest some of its shareholding to attract strategic investors,” he said.
With six domestic routes and a growing regional presence, Ibom Air’s journey from a state initiative to a commercially viable airline continues to redefine the possibilities of public-sector enterprise in Nigeria.
As the airline charts a new course under fresh leadership, all eyes will be on how it sustains its momentum in an increasingly competitive aviation landscape.
Reference
Ibom Air Earns N96bn Revenue In FY2024