Ibom Air Reports ₦6.8b Net Profit and Leadership Transition at First Public AGM
AGM marks executive handover —Udom named Chairman, Uriesi becomes Acting CEO
Ibom Air (QI) hosted its first public Annual General Meeting (AGM) on June 25, 2025, at the Four Points by Sheraton, Ikot Ekpene, in Akwa Ibom State.
According to Governor Umo Eno, PhD, the Shareholder, the public format was introduced to showcase governance transparency and serve as a model for other state-owned enterprises.
The AGM detailed the airline’s return to profitability in 2024, with revenue rising 43% to ₦96b and a reported net profit of ₦6.8b—reversing an ₦8.7b loss in 2023. Operational profit swung from a ₦3b loss to ₦16.6b, as per the Board report.
Governor Eno also announced a leadership transition with the appointment of founding CEO Mfon Udom as non-executive Chairman and current Executive Director/COO George Uriesi as Acting Managing Director and CEO.
“We will continue to support Ibom Air to succeed to the point where the State Government can successfully divest some of its shareholding,” remarks Governor Eno.
Udom originally led Ibom Air’s planning and launch and will now oversee governance as the airline sharpens its long-term investment outlook. The AGM concluded with a renewed mandate for regional connectivity and stakeholder value creation.