United Nigeria Airlines becomes the first Nigerian airline to issue commercial paper
The N20bn issue is the first part of a N100bn programme to fund expansion at home, in the region and abroad. Revenue grew from N10.3bn in 2021 to N90.8bn in 2025.
Olanrewaju Adewole
PANM — United Nigeria Airlines is raising N20 billion through commercial paper, the first such issue by a domestic Nigerian airline, Premium Times reports.
The offer
- It is the first tranche of a N100 billion programme, in two series of 270 and 364 days.
- The money will strengthen the airline's finances and fund expansion across domestic, regional and international markets.
- Meristem Capital is lead arranger. Agusto & Co rates the airline A3 short-term and BBB- long-term with a stable outlook; DataPro rates it A1 and BBB.
How the airline has grown
- Revenue rose from N10.3 billion in 2021 to N90.8 billion in 2025, and reached N95.6 billion in the first half of 2026 alone.
- Profit after tax rose from N1.3 billion to N23.8 billion over the same period.
- It flies ten aircraft to 14 destinations in Nigeria and Ghana, expects six more aircraft before the end of 2026, and has been approved as a flag carrier to six international destinations.
- It joined IATA's interline agreement in April and became a full member of the African Airlines Association in June.
Source: Premium Times, reporting by Mariya Shuaibu Suleiman, 16 October 2026.
