United Nigeria Airlines (UNA) is set to raise N20 billion through a commercial paper issuance, therefore becoming the first domestic operator in Nigeria to access the short-term debt market through the instrument.
The said yesterday that the proposed issuance represented the first tranche under its N100 billion commercial paper programme.

This was contained in United Nigeria Airlines September 2026 investor presentation.
The airline said this is aimed at strengthening its financial position as it pursues an ambitious expansion of its domestic, regional and international operations.

The investor presentation, stated that the commercial paper would be issued in two series, with tenors of 270 days and 364 days.
Meristem Capital Limited is the lead arranger for the transaction, while Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, FSL Advisory Limited and Quantum Zenith Capital & Investments Limited will serve as dealers.

The planned fundraising comes amid growth in the airline’s financial performance, with revenue rising from N10.3 billion in 2021 to N90.8 billion in 2025.
Profit after tax also increased from N1.3 billion in 2021 to N23.8 billion in 2025, while the airline recorded revenue of N95.6 billion in the first half of 2026.

Its August performance also showed signs of recovery, with turnover increasing to N19.4 billion from N14.1 billion in July, alongside a return to net profit of N1.2 billion.
The airline expressed optimism that its financial performance would maintain an upward trajectory in the remaining months of 2026 and beyond.

In a further boost to its fundraising prospects, United Nigeria Airlines secured ratings from two credit rating agencies.
Agusto & Co. assigned the airline a short-term rating of A3 and a long-term rating of BBB-, with a stable outlook, while DataPro awarded it short-term and long-term ratings of A1 and BBB, respectively.

The report added: “The ratings provide an assessment of the airline’s creditworthiness as it seeks to access the capital market to support its growth plans.
“United Nigeria Airlines currently operates a fleet of 10 aircraft comprising Embraer ERJ-145s, Boeing 737-800s, Embraer E190s and CRJ900s. It plans to take delivery of six additional aircraft before the end of the year.”