Nigeria’s only state-owned carrier, Ibom Air, has ended all operations with its wet-leased Airbus A320 aircraft as it prepares to bring brand-new A220s into service. This comes nearly a week after the airline completed the financing for its first A220, per this report by Simple Flying.
Transition from wet lease operations
Last year, Ibom Air took delivery of the first A220-300 from the order of ten placed in 2021. The aircraft, registration 5N-CDA, arrived on December 8 at its base in Akwa Ibom State, in what was a momentous occasion for the airline. However, 5N-CDA is still yet to enter service.
As Ibom prepares for the aircraft’s debut, it announced on February 6 that it will no longer operate the two wet-leased A320s as their “place holding” work has come to an end. The two single-aisle jetliners had been operating daily flights to several domestic destinations, including Lagos (LOS) and Abuja (ABV). Speaking about this transition, the airline’s executive director and chief operating officer, George Uriesi, said:
“We resorted to wet leasing aircraft to meet the growing demand for our product while we worked on our fleet growth programme. Now, with these aircraft being delivered, it is time for us to benefit from the significant operating efficiencies and enhanced service the A220-300 brings to the business.”
While the delivery of the first A220 was delayed by several months, the Ibom executive notes that it has come at an ideal time. Its enhanced fuel efficiency will be crucial for Ibom Air as airlines in Nigeria continue to battle soaring fuel prices and other ridiculously high charges. Furthermore, it will offer Ibom passengers enhanced comfort and safety.
Ibom expects a reduced schedule ahead
The Akwa Ibom-based carrier serves six domestic and one international destination. Over the past month, it has been operating an average of 34 daily flights with a fleet of seven aircraft, including the two A320s. In the meantime, Ibom will operate its five Bombardier CRJ-900s on domestic and regional routes.
Passengers should expect a reduced flight schedule for the next few weeks as the airline transitions from wet-leased operations and phases two A220s into service.
“We apologise in advance for any inconvenience our reduced schedule may cause as we transition into a period of better and stable all-round service with these new equipment,” adds Uriesi. According to ch-aviation, two A220s are scheduled to be delivered in 2024, with the rest arriving in 2025 and 2026.
Last year, Uriesi stated that the wet lease contracts would expire in April 2024. The two A320s, registration YL-EMU and 9H-GTS, arrived in August 2023. YL-EMU was leased from GetJet Airlines Latvia, while 9H-GTS was leased from its affiliate Airhub Airlines. According to Flightradar24, both aircraft operated their last flights on February 5.#
Conclusion of the Airbus A220 deal
On February 1, Ibom Air, Airbus, and Zenith Bank, the largest financial services provider in West Africa, celebrated the successful closure of the commercial financing for Ibom’s first A220. This paves the way for other banks in Nigeria and the region to partner with airlines and manufacturers for aircraft acquisitions as a financing solution in a sector that faces significant monetary challenges.
Airbus facilitated the Ibom and Zenith Bank agreement as part of a more elaborate strategy that could provide the necessary financial momentum and signal a new era of financial support for the continent’s airlines. The closure of this deal highlights Zenith Bank’s commitment to supporting the growth of carriers in the region.
