United Nigeria Airlines Targets N20bn First Tranche Of N100bn Commercial Paper Programme
– United Nigeria Airlines plans to raise ₦20bn in the first phase of a ₦100bn commercial paper programme to strengthen its finances and fund expansion.
– The airline’s revenue rose from ₦10.3bn in 2021 to ₦90.8bn in 2025, while first-half 2026 revenue reached ₦95.6bn.
– The carrier plans to add six aircraft to its current fleet of 10 and expand its domestic and international operations.
United Nigeria Airlines is targeting ₦20bn through the first tranche of a ₦100bn commercial paper programme as the domestic carrier seeks to strengthen its financial position and expand its operations.
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The proposed issuance, outlined in the airline’s September 2026 investor presentation, will be offered in two series with maturities of 270 days and 364 days. It will mark the first transaction under the company’s ₦100bn commercial paper programme.
According to the presentation, Meristem Capital Limited will serve as lead arranger, while Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, FSL Advisory Limited and Quantum Zenith Capital & Investments Limited will act as dealers.
The planned fundraising comes as the airline pursues domestic, regional and international expansion following significant growth in its revenue and profitability.
United Nigeria Airlines has secured investment-grade ratings from two agencies. Agusto & Co. assigned it a short-term rating of A3 and a long-term rating of BBB-, both with a stable outlook, while DataPro gave the airline short-term and long-term ratings of A1 and BBB, respectively.
Revenue growth supports expansion plans
The airline’s revenue increased from ₦10.3bn in 2021 to ₦90.8bn in 2025, while profit after tax rose from ₦1.3bn to ₦23.8bn over the same period.
It reported revenue of ₦95.6bn in the first half of 2026. In August, turnover climbed to ₦19.4bn from ₦14.1bn in July, while the company recorded a net profit of ₦1.2bn.
The airline expressed optimism that its financial performance would continue to improve in the remaining months of 2026 and beyond.
Fleet expansion, international routes
United Nigeria Airlines currently operates 10 aircraft, including Embraer ERJ-145, Boeing 737-800, Embraer E190 and CRJ900 models. It plans to take delivery of six additional aircraft before the end of the year.
The carrier serves 14 destinations across Nigeria and Ghana and has obtained approval to operate as a flag carrier on six international routes.
It has also secured Global Distribution System agreements with Amadeus and Sabre, enabling travel agents worldwide to access its ticket inventory.
The airline has maintained International Air Transport Association Operational Safety Audit certification since 2022 and is an IATA member. In 2026, it signed the IATA Multilateral Interline Traffic Agreement and became a full member of the African Airlines Association.
The planned commercial paper issuance is expected to support the company’s efforts to consolidate its financial position while pursuing further growth in the aviation market.
