United Nigeria Airlines is set to become Nigeria’s first domestic airline to issue a commercial paper, targeting N20 billion in its first tranche under a N100 billion programme.
The airline announced this in a statement on Friday, saying the proposed issuance comprises Series 1 and 2, with tenors of 270 and 364 days, respectively. The proceeds are expected to strengthen its financial position and fund expansion plans.
The airline said Meristem Capital would arrange the transaction, while Cordros Advisory Services, Coronation Merchant Bank, FCMB Capital Markets, FSL Advisory, and Quantum Zenith Capital and Investments would serve as dealers.
The proposed issuance comes as the airline expands its domestic, regional and international operations. Ahead of the transaction, it secured credit ratings from two agencies.
According to the airline, Agusto & Co. assigned it an A3 short-term rating and a BBB long-term rating, both with a stable outlook, while DataPro gave it an A1 short-term rating and a BBB long-term rating.
United Nigeria Airlines said its investor presentation showed that revenue rose from N10.3 billion in 2021 to N90.8 billion in 2025, while profit after tax increased from N1.3 billion to N23.8 billion over the same period.
The airline also 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 it recorded a net profit of N1.2 billion.
The company expressed optimism that its financial performance would continue to improve.
It said it operated 10 aircraft, comprising Embraer ERJ-145s, Boeing 737-800s, Embraer E190s and CRJ900s, and planned to take delivery of six additional aircraft before the end of 2026.
The airline serves 14 destinations across Nigeria and Ghana and has secured approval to operate as a flag carrier to six international destinations.
In 2026, it signed the IATA Multilateral Interline Traffic Agreement and became a full member of the African Airlines Association.
