United Nigeria Airlines has announced plans to raise ₦20 billion through commercial paper as the first tranche of a proposed ₦100 billion programme, seeking additional financing as it expands its fleet and route network.
The airline’s September 2026 investor presentation outlines two proposed series with tenors of 270 and 364 days. Commercial paper is short-term debt, meaning the company will need to meet repayment obligations at maturity under the terms of the issue.
Meristem Capital is listed as lead arranger, with Cordros Advisory Services, Coronation Merchant Bank, FCMB Capital Markets, FSL Advisory and Quantum Zenith Capital & Investments among the dealers.
The carrier reported short- and long-term credit ratings from Agusto & Co. and DataPro. Agusto assigned A3 and BBB- with a stable outlook, while DataPro assigned A1 and BBB. Such ratings express the agencies’ assessments and do not eliminate investment risk.
According to company figures, revenue rose from ₦10.3 billion in the 2021 financial year to ₦90.8 billion in 2025, while profit after tax increased from ₦1.3 billion to ₦23.8 billion. The airline also reported ₦95.6 billion in revenue for the first half of 2026 and a return to monthly net profit of ₦1.2 billion in August.
United Nigeria said it operates ten aircraft across several types, including Embraer and Boeing models, and expects six additional aircraft before year-end. It serves 14 destinations in Nigeria and Ghana and says it has approvals for six international destinations.
The airline also highlighted distribution agreements with Amadeus and Sabre, its IOSA certification and participation in international and African aviation industry bodies.
The proposed financing comes amid the substantial capital requirements of aircraft operations. Prospective investors will need to examine the offer documents, cash flow, maturity profile and operating risks rather than rely solely on reported revenue growth.
