The Chief Executive Officer of Air Peace, Allen Onyema, has said the airline is yet to list on the Nigerian Exchange Group (NGX) because it is focused on consolidating its foundation before opening up to public investors.
Speaking during a panel session at the 2025 League of Airport and Aviation Correspondents (LAAC) Conference, Onyema said while taking the company public is a viable financing option, the decision to stay private is rooted in long-term sustainability and protecting the interests of employees and stakeholders.
“When a company goes public, it opens itself up to external scrutiny and pressure,” Onyema noted. “We want to build a legacy that will stand the test of time.”
He disclosed that despite advice to float the company to access capital with some suggesting he could raise as much as $100bn due to Air Peace’s fleet size the airline has opted for a different path.
“If it is about money, I would have done that a long time ago. I would have gone to the public, maybe made money as some people advised me, and walk away. It is not about that,” he said.
“I am thinking about over 4,000 people who are working with Air Peace today. I am thinking of them.”
Onyema expressed concern about the risks posed by minority shareholders who might interfere with the company’s socially-driven initiatives, should the airline become publicly listed.
“I am thinking of the people who would take us to court every day after investing just 0.5 per cent,” he said. “They may not allow us to continue some of the philanthropic things we do.”
The Air Peace founder, however, affirmed that listing on the capital market remains in the airline’s long-term plans, but only after it has established a more solid operational and governance structure.
Listing a company on the NGX allows firms to raise equity capital from the public, but it also comes with greater compliance obligations under the Securities and Exchange Commission (SEC) rules and oversight from minority investors.
