How Ibom Air went from loss to profit with massive revenue

• Ibom Air, Akwa Ibom state-owned airline, has reported an awesome fiscal milestone successful the past year
• According to the airline’s statement, it raked successful implicit N900 cardinal successful gross successful 2024, overturning its 2023 nonaccomplishment caused by the naira’s depreciation
• The airline, which held its inaugural Annual General Meeting (AGM), besides appointed a caller main enforcement officer, George Uriesi

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

Akwa Ibom state-owned airline, Ibom Air, has held its archetypal Annual General Meeting (AGM), wherever it announced its fiscal records for 2024.

The AGM connected Wednesday, June 25, 2025, successful Ikot Ekpene, saw the airline’s absorption contiguous its achievements successful the past year, including milestones successful way expansion, fleet growth, and lawsuit satisfaction.

Ibom Air recovers from 2023 nonaccomplishment to grounds a monolithic N96 cardinal nett successful 2024. Credit: Ibom Air.
Source: Getty Images

Ibom Air’s monolithic milestones

The airline’s spokesperson, Aniekan Essienette, successful a connection connected Wednesday, said the AGM was held astatine the petition of Governor Umo Eno of Akwa Ibom.

According to reports, the airline, which began operations successful Nigeria connected June 7, 2019, with ex-governor Victor Attah arsenic its archetypal passenger, has recorded a important milestone successful Nigeria’s aviation industry.

The hose received a information certification from the International Air Transport Association (IATA), winning the champion hose of the twelvemonth award.

In 2023, Ibom Air received its archetypal of 10 caller Airbus A220-300 craft for operations and enlargement successful the West African region.

Last August, the state-owned craft added a second Airbus A220-300 to its fleet.

Premium Times reports that the contiguous past chairperson of Ibom Air’s Board of Directors, Imo-Abasi Jacob, praised Governor Eno and the airline's passengers for their enactment and confidence.

Jacob reiterated the airline’s ngo to support its information standards, on-time performance, and work quality.

From nonaccomplishment to profit: The Ibom Air story

According to the report, Jacob reported Ibom Air’s resilience from nonaccomplishment successful 2023, caused by the naira devaluation, to a beardown fiscal show successful 2024.

The Akwa Ibom State governor, Eno, expressed restitution with the airline’s performance, assuring its absorption of the authorities government’s enactment for it to succeed, divest of its shareholding and bring connected caller investors.

Ibom Air gets caller management

The politician appointed the airline’s pioneer CEO, Mfon Udom, arsenic the caller non-executive president of Ibom Air’s board.

He besides announced the assignment of the existent ED and COO, George Uriesi, arsenic acting managing manager and CEO of Ibom Air.

The airline’s connection said that Udom was the advisor to the Akwa Ibom authorities authorities who wrote a business program for the airline’s formation.

Ibom Air: The travel truthful far

He was aboriginal appointed the airline’s CEO to found and physique it into what it is today.

The hose is wholly owned by the Akwa Ibom State authorities and has a fleet of 9 aircraft, including 7 CRJ 900s and 2 Airbus A220-300s.

Governor Eno appoints a caller CEO for Ibom Air aft an awesome year. Credit: Ibom Air.
Source: TikTok

It operates six home routes and a determination destination, Accra, Ghana.

Air Peace, Aero, Ibom Air, and different airlines rotation retired caller fares

Legit.ng earlier reported that amid the ongoing face-off betwixt airlines and the Federal Competition and Consumer Protection Commission (FCCPC), section operators person announced caller airfares for the Christmas season.

On immoderate engaged accepted routes, galore airlines person accrued their fares to merchantability betwixt N143,000 and N314,000 for an hr flight, depending connected the hose and availability.

Meanwhile, 1 of Nigeria’s oldest airlines, Aero Contractors, has retained its promotional fares of N80,000 for a one-way system people ticket.

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Source: Legit.ng