Aviation Landmark: United Nigeria Airlines launches historic ₦100bn commercial paper programme to fund expansion

October 17, 2026
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In a landmark transaction for the Nigerian aviation sector, United Nigeria Airlines Company Limited has officially entered the short-term capital market with the launch of its Series 1 and Series 2 Commercial Paper (CP) issuance, aiming to raise up to ₦20 billion.

​The issuance, which opened on October 13, 2026, and is scheduled to close on October 20, 2026, marks the first time a domestic Nigerian airline has accessed the short-term debt market through a commercial paper instrument. The offer represents the debut tranche under the carrier’s broader ₦100 billion Commercial Paper Programme registered on the financial market platform.

​According to statements released in Lagos on Friday, October 16, 2026, the net proceeds from the debt issuance will be deployed to support the carrier’s short-term working capital needs and fund its ongoing operational expansion.

​The fundraising structure offers two distinct options for investors; Series 1: 270-day tenor and Series 2: 364-day tenor.

​The transaction is being orchestrated by Meristem Capital Limited acting as the lead arranger, supported by a syndicate of participating dealers including Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, FSL Advisory Limited, and Quantum Zenith Capital & Investments Limited.

To reinforce investor confidence, United Nigeria Airlines secured investment-grade credit assessments from leading rating firms:  Agusto & Co., Assigned an A3 short-term rating and a BBB- long-term rating with a stable outlook.  DataPro Limited: Assigned an A1 short-term rating and a BBB long-term rating.

​The capital market move follows a period of robust top-line growth for the airline. Financial data accompanying the presentation reveals that annual revenue expanded from ₦10.3 billion in FY2021 to ₦90.8 billion in FY2025, representing a Compound Annual Growth Rate (CAGR) of approximately 72 percent. Over the same period, Profit After Tax (PAT) grew from ₦1.3 billion to ₦23.8 billion.

​The carrier’s strong performance carried into 2026, recording ₦95.6 billion in revenue during the first half of the year alone, surpassing its full-year 2025 figures. Monthly performance in August 2026 showed a turnover of ₦19.4 billion (up from ₦14.1 billion in July), delivering a monthly net profit of ₦1.2 billion. Total balance sheet assets rose to ₦67.16 billion by FY2025, supported by total equity of ₦39.04 billion.

​Speaking on the company’s trajectory, executive management noted that accessing the capital market aligns with a five-year growth plan to strengthen balance sheet liquidity while expanding route networks.

​United Nigeria Airlines currently operates a fleet of 10 aircraft, comprising Embraer ERJ-145s, Boeing 737-800s, Embraer E190s, and CRJ900s, servicing 14 domestic and regional routes across Nigeria and Ghana. The airline plans to take delivery of six additional aircraft before the end of 2026.

​Having recently secured flag-carrier approvals, signed the IATA Multilateral Interline Traffic Agreement, and attained full membership in the African Airlines Association (AFRAA), the airline is positioning itself to launch long-haul international flights to destinations including the UK, US, Canada, Turkey, Italy, and the Netherlands, subject to final regulatory clearances.

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