Fast growing Akwa Ibom State Government-owned commercial airline, Ibom Air, has added two new CRJ 900s aircraft to its fleet.
The addition brings to four, the number of new aircraft received by the airline this year (2024).
The two new aircraft increased the number of CRJ 900s to seven and increased the aircraft fleets to nine – two A220 -300s already in its fleets.
The two aircraft were received by the State Governor, Umo Eno, at Victor Attah international airport.
Speaking at the ceremony, Eno explained that the new aircraft is fully financed by the state government and further indicated readiness to finance an additional two for the airline.
Eno said the state government did not borrow to finance the aircraft.
“We’re not borrowing a dime. In fact, I am prepared to finance another two. We are ready to break the cycle of debts to let the airline be free and begin to pay dividends to the government.
‘We must increase our stake and then we must increase our internally generated revenue.
“Ibom Air, while we thank you for the wonderful management, from 2025 we must begin to receive profits from Ibom Air operations so that our investment would be worthwhile.
“I understand the process of building up but as we continue to expand let us stop a little bit and have some dividends. It will make us happy and then we will continue again. That is the way I believe business should be run’
The Governor added: “Very soon Ibom Air will be going to the capital market because we want to diversify our shares. It is important that Ibom Air before going to the capital market would break even.
“For me, we felt if Ibom Air continues to rely on bank financing they would not break even in a short while because by the time they take the bank interest at a commercial rate, the banks are free to increase their rate at any time.
“And they give them these loans for seven years.
“We think we are doing well. Everything Ibom Air does is to pay back that loan and by the time it is seven years the engine of the aircraft is probably due for overhauling.
“So, they bank loans again and overhaul and come back again, it becomes a vicious cycle and we are determined to break that cycle and that is what we have done by the acquisition of these two aircraft without any bank finance.”
Speaking earlier, the airline’s Managing Director and Chief Executive Officer, Mfon Udom said the new addition has increased its capacity in readiness for Christmas.
Mr Udom said the two aircraft are only being warmed up in domestic space but are actually meant to connect regional networks to Uyo
He also mentioned that the new International Terminal at the airport will be opened for business in December for limited flight operations.
“The full purpose of the new terminal will be fully realised in the first quarter of 2025 when we start regional flights out of Uyo.
“The (Airbus) A220s would be parked there, the CRJs bring our passengers from Abuja, Duala – everywhere to connect in Uyo to their final destinations. It is going to be a very busy terminal as we go along.”
