Allen Onyema: Why Air Peace is yet to go public

Allen Onyema, chief executive officer (CEO) of Air Peace, says the airline is yet to go public because it is focusing on building a strong foundation first.

Onyema was addressing a question on financing options for the aviation industry as a panellist at the 2025 League of Airport and Aviation Correspondents (LAAC) conference.

When a company goes public, it offers shares to the public through a country’s stock exchange, like the Nigeria Exchange Group (NGX).

It allows organisations to raise funds without going to the banks, but also increases regulatory scrutiny and oversight.

At the event, the Air Peace chairman said the decision to remain private is driven by the desire to build a lasting legacy and protect the interests of staff and stakeholders.

“We want to build a legacy that will stand the test of time. Some people have told me I can get up to $100 billion with all the aircraft I have ordered,” the CEO said.

“If it is about money, I would have done that (listed) 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.

“I am thinking about over 4,000 people who are working with Air Peace today. I am thinking of them.”

Onyema said one of the reasons for delaying listing on the capital market is to avoid external pressure from minority shareholders who could disrupt the company’s philanthropic and people-oriented operations.

“I am thinking of the people who would take us to court every day after investing just 0.5 percent,” he said.

“They may not allow us to continue some of the philanthropic things we do.”

The Air Peace chief added that going public remains in the long-term plans of the airline — but only after a solid foundation is in place.