United Nigeria Airlines (UNA) is set to become Nigeria’s first domestic airline to issue commercial paper (CP), targeting ₦20 billion in its first tranche under a ₦100 billion programme.

 

The proposed issuance, comprising Series 1 and 2 with tenors of 270 and 364 days, is part of the airline’s strategy to strengthen its financial position and fund its expansion plans.

According to the airline’s September investor presentation, the transaction would be arranged by Meristem Capital Ltd., with Cordros Advisory Services Ltd., Coronation Merchant Bank Ltd., FCMB Capital Markets Ltd., FSL Advisory Ltd. and Quantum Zenith Capital & Investments Ltd. serving as dealers.

The development comes as the airline pursues plans to expand its domestic, regional and international operations.

UNA said it has secured credit ratings from two rating agencies ahead of the proposed issuance.

Agusto & Co. assigned the airline an A3 short-term rating and BBB- long-term rating, both with a stable outlook, while DataPro rated it A1 for the short term and BBB for the long term.

The airline’s investor presentation showed significant growth in its financial performance, with revenue rising from ₦10.3 billion in 2021 to ₦90.8 billion in 2025.

The airline also disclosed that its profit after tax also increased from ₦1.3 billion to ₦23.8 billion over the same period, recording revenue of ₦95.6 billion in the first half of 2026.

Its August performance also showed an improvement, with turnover increasing to ₦19.4 billion from ₦14.1 billion in July, while the airline returned to a net profit of ₦1.2 billion.

The company expressed optimism that its performance would continue on an upward trajectory for the remainder of 2026 and beyond.

As part of its expansion strategy, United Nigeria Airlines currently operates a fleet of 10 aircraft, comprising Embraer ERJ-145s, Boeing 737-800s, Embraer E190s and CRJ900s.

It was also disclosed that the airline planned to take delivery of six additional aircraft before the end of the year.

With the proposed commercial paper issuance, aims to access Nigeria’s debt capital market to finance its growth ambitions and strengthen its position in the increasingly competitive aviation industry.

The airline serves 14 destinations across Nigeria and Ghana and has secured approval to operate as a flag carrier to six international destinations.

United Nigeria Airlines had also signed Global Distribution System agreements with Amadeus and Sabre, enabling travel agents worldwide to access its ticket inventory.

In addition, United Nigeria Airlines has maintained its International Air Transport Association Operational Safety Audit certification 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.