In a series of revelations that could reshape the public perception of Ibom Air’s origins and operations, investigative journalist Fejiro Oliver has disclosed alleged financial irregularities surrounding the establishment and management of the airline. The allegations target former Akwa Ibom State Governor Udom Emmanuel and bring to light transactions involving billions of naira.

A Look Back: The Timeline of Ibom Air

Ibom Air, a symbol of pride for Akwa Ibomites, was publicly declared operational on December 24, 2018, with then-Governor Emmanuel announcing the acquisition of three aircraft to commence operations. However, Oliver claims that the airline’s foundation predates Emmanuel’s administration.

According to the report, Ibom Air was initially floated on February 21, 2013, under the administration of former Governor Godswill Akpabio. The airline, valued at N3 billion, began operating with accounts reportedly opened in Zenith Bank in 2018.

Financial Transactions Under Scrutiny

Oliver’s investigation details a series of financial transactions linked to Ibom Air:

• On November 2, 2018, the Akwa Ibom Ministry of Housing and Special Duties allegedly transferred N1.5 billion to one of Ibom Airlines’ Zenith Bank accounts.
• Another N1.5 billion was sent on November 7, followed by N600 million on December 13, 2018.
• On November 14, over N2.5 billion was wired offshore to AVMAX Aircraft Leasing Inc., a Canadian firm, purportedly for leasing planes rather than purchasing them as publicly claimed.

The journalist also alleges that significant sums, converted to dollars, were moved offshore through the airline’s accounts at a time when the naira-dollar exchange rate was favorable.

Ownership and Shareholding Concerns

Another key point raised is the alleged inactivity of the Akwa Ibom Investment Corporation (AKICORP), the entity owning the majority shares in Ibom Air. Oliver questions why an unnamed individual appears as an active private shareholder in the airline, raising red flags about ownership structure and transparency.

Borrowed Funds and Legal Charges

Oliver highlights a N5 billion payment reportedly made in September 2021 as a deed of legal charge for banking facilities to acquire two Bombardier CRJ 900 aircraft. He questions why the state government resorted to borrowing funds despite having significant financial reserves.

Links to Money Laundering Investigation

In a shocking teaser, Oliver hints at potential connections between Ibom Airlines’ account transactions and Dashad & Co, a sole proprietorship reportedly under investigation by the Economic and Financial Crimes Commission (EFCC) for money laundering.

A Call for Accountability

Oliver assures the public that these allegations will not be swept under the rug, promising to bring answers through an EFCC investigation. “I have one life, and I will put it on the line for 10 million Akwa Ibomites,” he declared, calling on citizens to rise to the spirit of accountability and greatness.

The journalist also disclosed facing threats to his safety but vowed to continue his pursuit of justice.

As these revelations unfold, the people of Akwa Ibom await official responses from the concerned parties and hope for clarity on the management of their cherished state asset.