United Nigeria Airlines is set to become the first domestic airline in Nigeria to issue commercial paper, with plans to raise N20 billion in the first tranche of its N100 billion programme.
The commercial market initiative is a money market instrument used by businesses to finance immediate liabilities like payroll and inventory.
The proposed issuance, outlined in the airline’s September 2026 investor presentation, will be offered in two series with tenors of 270 and 364 days.
The move is aimed at strengthening the airline’s financial position and supporting its expansion across domestic, regional and international markets.
Meristem Capital Limited will serve as lead arranger, alongside Cordros Advisory Services, Coronation Merchant Bank, FCMB Capital Markets, FSL Advisory and Quantum Zenith Capital & Investments as dealers.
The airline has also secured credit ratings from two agencies. Agusto & Co. assigned it a short-term rating of A3 and a long-term rating of BBB-, with a stable outlook, while DataPro rated the airline A1 for the short term and BBB for the long term.
United Nigeria Airlines has recorded significant financial growth, with revenue rising from N10.3 billion in 2021 to N90.8 billion in 2025. Profit after tax also increased from N1.3 billion to N23.8 billion within the same period.
The airline reported revenue of N95.6 billion in the first half of 2026. In August, turnover rose to N19.4 billion from N14.1 billion in July, while the company returned to a net profit of N1.2 billion.
The airline says it expects its financial performance to maintain an upward trajectory in the coming months.
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United Nigeria Airlines currently operates a fleet of 10 aircraft, comprising Embraer ERJ-145s, Boeing 737-800s, Embraer E190s and CRJ900s. It plans to add six more aircraft before the end of 2026.
The carrier serves 14 destinations across Nigeria and Ghana and has secured approval to operate as a flag carrier to six international destinations.
In a further push to expand its global reach, the airline has signed agreements with Amadeus and Sabre, enabling travel agents worldwide to access its ticket inventory.
United Nigeria Airlines has maintained IOSA certification since 2022 and is a member of the International Air Transport Association. In 2026, it signed the IATA Multilateral Interline Traffic Agreement and joined the African Airlines Association as a full member.
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(Editor: Anoyoyo Ogiagboviogie)
