Details of the proposed transaction were contained in the airline’s September 2026 investor presentation, which indicated that the issuance would comprise commercial papers with maturities of 270 days and 364 days. If successfully completed, the exercise would position the carrier as Nigeria’s first domestic airline to issue commercial paper.
To facilitate the fundraising, Meristem Capital Limited has been appointed lead arranger, alongside Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, FSL Advisory Limited and Quantum Zenith Capital & Investments Limited, which are listed as dealers.
The airline has also secured credit ratings from two agencies ahead of the planned fundraising. Agusto & Co. assigned the carrier short-term and long-term ratings of A3 and BBB-, respectively, with a stable outlook. DataPro, meanwhile, rated the airline A1 for the short term and BBB for the long term.
The planned capital raise comes against the backdrop of significant growth in the airline’s financial performance over the past five years. According to the investor presentation, revenue increased from N10.3bn in 2021 to N90.8bn in 2025, while profit after tax rose from N1.3bn to N23.8bn over the same period.
The carrier reported revenue of N95.6bn in the first half of 2026, reflecting the scale of its recent business performance. Its monthly turnover also increased to N19.4bn in August from N14.1bn in July, while it recorded a net profit of N1.2bn, the presentation stated.
Beyond its financial performance, United Nigeria Airlines is pursuing an expansion strategy aimed at increasing its operational capacity and broadening its reach. The airline currently operates a fleet of 10 aircraft, comprising Embraer ERJ-145s, a Boeing 737-800, Embraer E190s and CRJ900s.
It plans to take delivery of six additional aircraft before the end of 2026, a move that could strengthen its capacity to serve existing routes and support further network expansion.
The airline currently serves 14 destinations across Nigeria and Ghana. It has also secured approval to operate to six international destinations as a flag carrier, according to the presentation, signalling its ambition to extend its presence beyond its existing market.
In a further effort to improve its distribution network and market access, the carrier has secured Global Distribution System agreements with Amadeus and Sabre. The arrangements allow travel agents to access its ticket inventory through the platforms, potentially improving the airline’s visibility and accessibility to customers.
United Nigeria Airlines has also continued to build its credentials within the international aviation industry. It has been an International Air Transport Association Operational Safety Audit-certified operator since 2022 and is a member of the International Air Transport Association.
In 2026, the airline signed the IATA Multilateral Interline Traffic Agreement and became a full member of the African Airlines Association, developments that could support greater cooperation with other carriers and strengthen its participation in the wider African aviation market.
The proposed N20bn commercial paper issuance, alongside its fleet expansion plans and growing revenue base, represents a significant step in the airline’s efforts to finance its operations and consolidate its position in Nigeria’s increasingly competitive aviation sector.