United Nigeria Airlines Company Limited is set to make history in Nigeria’s aviation industry with plans to raise ₦20 billion through the first tranche of its ₦100 billion commercial paper programme.
The proposed issuance, which would make the airline the first domestic operator in Nigeria to issue commercial paper if the claim is verified, marks a significant step in its efforts to strengthen its financial position and accelerate its expansion plans.
According to the airline’s September 2026 investor presentation, the first tranche will comprise Series 1 and 2 commercial papers with tenors of 270 days and 364 days, respectively.
Meristem Capital Limited is the lead arranger for the transaction, while Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, FSL Advisory Limited and Quantum Zenith Capital & Investments Limited will serve as dealers.
The fundraising initiative comes as the airline pursues an ambitious growth strategy aimed at expanding its domestic, regional and international operations.
In a further boost to its financial standing, United Nigeria Airlines has secured credit ratings from Agusto & Co. and DataPro.
Agusto & Co. assigned the airline an A3 short-term rating and a BBB- long-term rating, with a stable outlook. DataPro, meanwhile, assigned it short-term and long-term ratings of A1 and BBB, respectively.
The ratings come against the backdrop of significant growth in the airline’s financial performance over the past five years.
Its revenue rose from ₦10.3 billion in 2021 to ₦90.8 billion in 2025, while profit after tax increased from ₦1.3 billion to ₦23.8 billion within the same period.
The airline also reported revenue of ₦95.6 billion in the first half of 2026.
Its August performance showed further improvement, with turnover increasing to ₦19.4 billion from ₦14.1 billion in July. The airline also returned to profitability, recording a net profit of ₦1.2 billion.
United Nigeria Airlines expressed optimism that its performance would maintain an upward trajectory for the remainder of 2026 and beyond.
As part of its expansion drive, the airline currently operates a fleet of 10 aircraft comprising Embraer ERJ-145s, Boeing 737-800s, Embraer E190s and CRJ900s. It plans to take delivery of six additional aircraft before the end of the year.
The airline serves 14 destinations across Nigeria and Ghana and has secured approval to operate as a flag carrier to six international destinations.
Its international market access has also received a boost through Global Distribution System agreements with Amadeus and Sabre, enabling travel agents worldwide to access its ticket inventory.
United Nigeria Airlines has been an International Air Transport Association Operational Safety Audit-certified operator since 2022 and is an IATA member airline.
In 2026, it signed the IATA Multilateral Interline Traffic Agreement and became a full member of the African Airlines Association, further strengthening its position within the regional aviation industry.
The proposed commercial paper programme represents another step in the airline’s efforts to build financial capacity, expand its fleet and strengthen its presence in Nigeria’s increasingly competitive aviation market.
