The United Nigeria Airlines (UNA) is set to become Nigeria’s first domestic airline to issue a commercial paper targeting ₦20 billion in its first tranche under a ₦100 billion programme.
This is contained in a statement by the airline’s management on Friday in Lagos.
It said the proposed issuance, comprising Series 1 and 2 with tenors of 270 and 364 days respectively, is part of the airline’s strategy to strengthen its financial position and fund its expansion plans.
The airline said that the transaction would be arranged by Meristem Capital Ltd.
It said that Cordros Advisory Services Ltd., Coronation Merchant Bank Ltd., FCMB Capital Markets Ltd., FSL Advisory Ltd. and Quantum Zenith Capital and Investments Ltd. would serve as dealers.
According to the airline, the development comes as it pursues expansion of its domestic, regional and international operations.
It said it had secured credit ratings from two agencies ahead of the proposed issuance.
“Agusto & Co. assigned the airline 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,” it said.
United Nigeria Airlines said its 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 increased from ₦1.3 billion to ₦23.8 billion over the same period.
It added that it recorded a revenue of ₦95.6 billion in the first half of 2026.
It said that its August performance 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 the optimism that its performance would continue on an upward trajectory.
United Nigeria Airlines said it operated a fleet of 10 aircraft, comprising Embraer ERJ-145s, Boeing 737-800s, Embraer E190s and CRJ900s.
It said that it planned to take delivery of additional six 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.
NAN