Ibom Air to receive $30M capital injection from Nigeria’s Akwa Ibom State

Nigeria-based airline Ibom Air will receive a N14 billion ($30 million) capital injection from the Akwa Ibom State government.

During a meeting on February 17, 2023, Nigeria’s Commissioner for Information & Strategy, Ini Emem Obong revealed that the Akwa Ibom State Executive Council had approved the “recapitalization of Ibom Air to the tune of 14 billion Naira,” according to a statement published on Facebook.

The approval follows an earlier announcement where Ibom Air revealed plans to launch regional operations to seven African countries.

Regional expansion
During a briefing to reporters in Akwa Ibom State on February 3, 2023, Ibom Air’s Group Manager Marketing, Annie Essienette listed Liberia, Senegal, Gabon, Ghana, Cameroon, Cote d’Ivoire, and Gambia as countries in its regional expansion plan, the Premium Times noted in a report published on the same day.

Essienette said that Ibom Air is expected to start operations to Gambia by April 2023.

Ibom Air to add 10 A220s to support expansion
Ibom Air will support its growth and regional expansion with 10 Airbus A220 aircraft, which were ordered at the Dubai Airshow in November 2021.

The decision to expand its fleet with Airbus’s A220s followed a one-year testing period where the airline wet-leased two A220s from EgyptAir.

According to the Premium Times, Essienette said that Ibom Air is expecting delivery of its aircraft throughout 2023.

However, the aircraft will be delivered in tranches, Essienette explained.