Ibom Airlines Limited (Ibom Air) held its 1st public Annual General Meeting, bringing together key stakeholders as requested by the Shareholder, Governor Umo Eno, PhD.
According to the Shareholder, he requested this public AGM to showcase Ibom Air’s strong Corporate Governance and to serve as the model for all of Akwa Ibom’s State-Owned Enterprises.
According to a press release by the Group Manager, Marketing, and Communication, Ibom Air, Aniekan Essienette, the meeting, which took place at the prestigeous Four Points by Sheraton Hotel, Ikot Ekpene, in Akwa Ibom State, provided a comprehensive overview of Ibom Air’s operational and financial achievements over the past year, including notable milestones in route expansion, fleet growth, and customer satisfaction.
In his address, the immediate past Chairman of the Board, Mr Imo-Abasi Jacob, expressed appreciation to the Shareholder, the Akwa Ibom State Government, and the airline’s loyal customers for their continued confidence and support. He reaffirmed Ibom Air’s mission to maintain its industry-leading standards in safety, on-time performance, and service quality, even as he was bowing out of office after serving the statutory years as Chairman.
The Chairman reported that Ibom Air recovered from the loss position in 2023 occassioned by collapse of the Naira against the US Dollar, to a strong position of profitability in 2024. Revenue grew 43% from N67b in 2023 to N96b in 2024 and operational profit grew from a loss position of N3b in 2023, to a N16.6b profit in 2024. Net profit in 2024 was N6.8b, against an N8.7b loss in 2023.
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In his address, the Shareholder, Akwa Ibom’s State Governor, Pastor Umo Eno PhD, expressed his satisfaction with the performance of Ibom Air over the last 6 years and assured the airline that he would continue to support it to succeed to the point where the State Government can successfully divest some of its shareholding and bring on new investors.
The Shareholder also used the opportunity to announce the appointment of the pioneer CEO of the Company, Mfon Udom, as the new non-executive Chairman of the Board and the appointment of the current Executive Director and Chief Operating Officer, Mr George Uriesi, as Acting Managing Director and Chief Executive Officer.
Mr Udom was the consultant to the Akwa Ibom State Government that put together the business plan for Ibom Air. He was then saddled with the responsibility as CEO, to establish the airline and to build it into what it has become today.
The ED / COO was part of the consulting team and has worked closely with Captain Udom from the business planning stage of the airline, through establishing and building it into what it has become today.
The AGM concluded with renewed confidence in Ibom Air’s vision of becoming Africa’s airline of choice, with a strategic focus on regional connectivity, operational sustainability, and stakeholder value.
