United Nigeria Airlines to Issue N20bn Commercial Paper

United Nigeria Airlines intends to raise N20bn through the first two series of a N100bn commercial paper programme, as outlined in the airline's September 2026 investor presentation. This issuance will consist of commercial papers with tenors of 270 days and 364 days, making United Nigeria Airlines the first domestic operator in Nigeria to issue commercial paper.

Meristem Capital Limited is the lead arranger, with several other firms listed as dealers. The airline has received credit ratings from Agusto & Co., which assigned it short-term and long-term ratings of A3 and BBB-, respectively, and from DataPro, which rated it A1 for the short term and BBB for the long term.

The airline's revenue rose from N10.3bn in 2021 to N90.8bn in 2025, with a reported revenue of N95.6bn in the first half of 2026. United Nigeria Airlines operates a fleet of 10 aircraft and plans to acquire six additional aircraft by the end of 2026.

It serves 14 destinations in Nigeria and Ghana and has secured approval for six international destinations.