From left: Dr Emmanuel Ekuwem, former Secretary to the State Government, Akwa Ibom State; Mr Mfon Udom, newly appointed Non-Executive Chairman of the Board; Governor Pastor Umo Eno PhD (middle); Mr George Uriesi, now Acting Managing Director and Chief Executive Officer; and Uko Udom SAN, Attorney General and Commissioner for Justice, at Ibom Air’s first public Annual General Meeting held on June 25, 2025, at Four Points by Sheraton, Ikot Ekpene.
Ibom Air financial recovery took center stage at the airline’s first public Annual General Meeting held on June 25, 2025.
Hosted at Four Points by Sheraton, Ikot Ekpene, the AGM gathered key stakeholders as requested by Governor Pastor Umo Eno PhD. The Governor had mandated the public meeting to highlight transparency, corporate governance and Ibom Air’sperformance as a model for state-owned enterprises.
Chairman of the Board, Mr Imo-Abasi Jacob, addressed the gathering before formally stepping down. He thanked the Akwa Ibom State Government and loyal customers for their confidence. He noted the airline’s firm adherence to its mission of excellence in safety, punctuality and customer service.
A major highlight of the meeting was the impressive Ibom Air financial recovery from losses posted in 2023 to profitability in 2024. According to the Chairman, the airline rebounded after challenges stemming from the Naira’s collapse against the US Dollar.
Revenue rose by 43 percent, growing from N67 billion in 2023 to N96 billion in 2024. Operational profit surged from a loss of N3 billion in 2023 to a profit of N16.6 billion in 2024. Additionally, net profit hit N6.8 billion, marking a reversal from the N8.7 billion loss recorded in 2023.
This turnaround was described as evidence of sound fiscal discipline, operational efficiency, and strategic planning by the leadership.
While delivering his remarks, Governor Umo Eno praised the airline’s management and pledged continued state support. He expressed his satisfaction with the airline’s performance over the last six years and hinted at partial privatisation in the near future.
He stated that Akwa Ibom State would eventually divest part of its shareholding in Ibom Air to attract fresh investment and ensure long-term sustainability.
The Governor also used the AGM to announce a leadership transition within the airline’s board and management.
He appointed the pioneer Chief Executive Officer, Mr Mfon Udom, as the new Non-Executive Chairman of the Board. Mr Udom, the original consultant who designed the airline’s business plan, was also instrumental in executing the vision and growing the airline from inception.
In addition, current Executive Director and Chief Operating Officer, Mr George Uriesi, was named Acting Managing Director and Chief Executive Officer.
Mr Uriesi, who was part of the early planning team, worked closely with Mr Udom throughout the airline’s journey from start-up to its current status as a key player in the region.
The meeting ended on a high note, with stakeholders optimistic about the airline’s next phase of growth. Ibom Air reaffirmed its commitment to becoming Africa’s airline of choice by enhancing regional connectivity, maintaining operational sustainability, and creating stakeholder value.
The AGM also marked the formal institutionalisation of annual public engagement for transparency and accountability in Ibom Air’s operations.
This initiative aligns with the Akwa Ibom State Government’s broader agenda of performance-driven governance and economic diversification through strategic investments.
