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United Nigeria Airlines

United Nigeria Airlines Company Limited is set to make history as the first domestic airline in Nigeria to access the short-term debt market, targeting N20 billion through its initial commercial paper issuance.

The proposed capital raise represents the first two series under the carrier’s N100 billion commercial paper programme, outlined in its September 2026 investor presentation. The offering features commercial papers with tenors of 270 days and 364 days, managed by Meristem Capital Limited as lead arranger, alongside a consortium of dealers including Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, FSL Advisory Limited, and Quantum Zenith Capital & Investments Limited.

Ahead of the issuance, the airline secured strong investment-grade credit ratings from two major agencies. Agusto & Co. assigned the carrier short-term and long-term ratings of A3 and BBB-, respectively, with a stable outlook, while DataPro rated the company A1 for the short term and BBB for the long term.

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The strategic financial move follows a period of robust top-line growth and expansion. According to company disclosures, annual revenue surged from N10.3 billion in 2021 to N90.8 billion in 2025, while profit after tax expanded from N1.3 billion to N23.8 billion over the same period.

The momentum continued into the current financial year, with the carrier reporting revenue of N95.6 billion in the first half of 2026 and an August turnover of N19.4 billion, yielding a net profit of N1.2 billion for the month.

United Nigeria Airlines currently operates a fleet of 10 aircraft, comprising Embraer ERJ-145s, a Boeing 737-800, Embraer E190s, and CRJ900s, and expects to take delivery of six additional aircraft before the end of 2026.

The airline serves 14 domestic and regional routes across Nigeria and Ghana, holding flag carrier approvals for six international destinations.

The carrier has also expanded its operational integration, securing Global Distribution System partnerships with Amadeus and Sabre, signing the IATA Multilateral Interline Traffic Agreement, and attaining full membership in the African Airlines Association.