Ibom Air, the Akwa Ibom State-owned airline, has made a remarkable financial turnaround, reporting a net profit of N6.8 billion for the 2024 operational year, up from a loss of N8.7 billion in 2023.
The airline also announced N96 billion in revenue, representing a 43% increase year-on-year.
The figures were disclosed at the airline’s maiden Annual General Meeting (AGM) held at the Four Points by Sheraton Hotel in Ikot Ekpene late last month.
“Revenue grew 43% from N67 billion in 2023 to N96b in 2024, and operational profit grew from a loss position of N3 billion in 2023, to a N16.6 billion profit in 2024. Net profit in 2024 was N6.8 billion, against an N8.7 billion loss in 2023,” said Imo-Abasi Jacob, Chairman of Ibom Air’s Board.
The announcement marks a significant recovery for Ibom Air, which was among the Nigerian carriers impacted by the aviation fuel crisis in 2022.
Despite industry-wide turbulence, the airline chose to continue operations, citing obligations to suppliers, financiers, and its workforce.
Growth and operational highlights
Established in late 2018 under former Governor Udom Emmanuel, Ibom Air officially launched commercial flights on June 7, 2019, with its inaugural Uyo-Lagos flight.
It is 100% owned by the Akwa Ibom State Government, and stands as Nigeria’s first sub-nationally owned airline.
Since its debut, Ibom Air has experienced steady growth that has motivated Cross River’s Cally Air launched a few months ago and Enugu Air, which is coming online in a few days.
On June 3, 2025, the airline celebrated carrying its four millionth passenger, a milestone that signals its market strength and consistent service.
The airline currently operates on six domestic routes. These include Lagos, Abuja, Enugu, Port Harcourt, Calabar, and Uyo—as well as an international route to Accra, Ghana.
Its current fleet includes:
- Two Airbus A220-300s
- Seven Bombardier CRJ900s
Ibom Air is also thinking of further expansion, with plans to take delivery of nine additional Airbus A220-300 aircraft over the next three years.
These aircraft acquisitions are being commercially closed through Zenith Bank.
Leadership restructuring and future outlook
The AGM also marked the airline’s first major leadership reshuffle in recent years.
Governor Umo Eno appointed Mfon Udom, the airline’s pioneer CEO, as Non-Executive Chairman of the Board.
Udom was instrumental in the airline’s founding and business plan development. He was consulted by the Akwa Ibom State Government to help set up the business plan for Ibom Air.
Meanwhile, George Uriesi, the current Executive Director and Chief Operating Officer (ED/COO), was announced as the Acting Managing Director and CEO of the airline.
The Akwa Ibom State Government hints at its intention to divest some of its shareholding in the airline in the future as it matures into a commercially sustainable venture.
Industry recognition
Over the past six years, Ibom Air has earned numerous industry accolades, including:
- Best Airline in Nigeria
- Best Airline of the Year (for three consecutive years)
- Aviation Innovation Award (Domestic) from the Nigerian Civil Aviation Authority
The airline attributes these awards to customer trust and support, which it says have been critical to its sustained growth.