United Nigeria Airlines plans to raise ₦20 billion through Series 1 and 2 of its ₦100 billion commercial paper programme, supporting its finances and domestic, regional and international expansion.
The proposed issues have tenors of 270 and 364 days. Although the airline describes itself as the first domestic operator to issue commercial paper, its announcement does not confirm completion.
Meristem Capital is lead arranger, with Cordros Advisory Services, Coronation Merchant Bank, FCMB Capital Markets, FSL Advisory and Quantum Zenith Capital & Investments as dealers.
The airline reports Agusto ratings of A3/BBB-, with a stable outlook, and DataPro ratings of A1/BBB, the official announcement can be read here: https://www.agusto.com/ratings/agusto-co-hereby-assigns-a-bbb-long-term-and-a3-short-term-ratings-to-united-nigeria-airlines-company-limited-with-a-stable-outlook/
Its September 2026 investor presentation records revenue growth from ₦10.3 billion in FY2021 to ₦90.8 billion in FY2025, and profit growth from ₦1.3 billion to ₦23.8 billion. First-half 2026 revenue reached ₦95.6 billion. August turnover rose to ₦19.4 billion from July’s ₦14.1 billion, returning a ₦1.2 billion net profit.
United Nigeria reports 10 aircraft serving 14 destinations, six further aircraft expected in 2026 and flag-carrier approvals for six international destinations. It also cites Amadeus and Sabre distribution agreements, IOSA status since 2022, IATA membership, and its 2026 participation in IATA’s Multilateral Interline Traffic Agreement and membership of AFRAA.
