Ibom Air Bounces Back From N8.7Billion Loss, Posts N96Billion Revenue, N6.8Billion Profit In One Year
Chairman of the Board, Mr Imo-Abasi Jacob, who addressed stakeholders before stepping down from his role, said the airline had recovered from setbacks caused by the Naira’s collapse against the US Dollar.
Ibom Air has recorded a significant financial turnaround, posting a revenue of N96 billion and a net profit of N6.8 billion in 2024, after suffering a net loss of N8.7 billion in 2023.
The development was announced during the airline’s first public Annual General Meeting (AGM) held on Wednesday, 25 June 2025, at Four Points by Sheraton, Ikot Ekpene, Akwa Ibom State.
The meeting was convened at the request of Governor Pastor Umo Eno, to promote transparency and showcase the performance of the state-owned airline, according to Nigerian Flight Deck.
Chairman of the Board, Mr Imo-Abasi Jacob, who addressed stakeholders before stepping down from his role, said the airline had recovered from setbacks caused by the Naira’s collapse against the US Dollar.
After challenges stemming from the Naira’s collapse against the US Dollar, the airline rebounded, he said.
He noted that revenue rose by 43 percent, from N67 billion in 2023 to N96 billion in 2024. He added that operational profit also improved sharply from a loss of N3 billion in 2023 to a profit of N16.6 billion in 2024.
Jocob thanked customers and the Government of Akwa Ibom State for their confidence in Ibom Air.
Governor Umo Eno praised the airline’s management for its performance and announced that the state would begin a phased divestment of its shares.
We are very proud of the performance of Ibom Air over the past six years,” he said. “Akwa Ibom State will eventually divest part of its shareholding in Ibom Air to attract fresh investment and ensure long-term sustainability.”
The governor also announced new leadership appointments. Pioneer Chief Executive Officer, Mr Mfon Udom, who designed the airline’s business plan and led it through its early years, was appointed Non-Executive Chairman of the Board.
Mr George Uriesi, the current Executive Director and Chief Operating Officer, was named Acting Managing Director and Chief Executive Officer. He was part of the founding team and worked closely with Mr Udom from the airline’s inception.
The AGM concluded with a renewed commitment by the airline to deepen regional connectivity, uphold sustainability, and build long-term stakeholder value. It also marked the formal beginning of annual public accountability sessions as part of Ibom Air’s commitment to transparency and good governance.
