United Nigeria Airlines plans to raise N20bn through the first two series of a N100bn commercial paper programme, according to the airline’s September 2026 investor presentation.
The proposed issuance will comprise commercial papers with tenors of 270 days and 364 days. If completed as planned, it would make the airline the first domestic operator in Nigeria to issue commercial paper.
Meristem Capital Limited is listed as the lead arranger, while Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, FSL Advisory Limited and Quantum Zenith Capital & Investments Limited are named as dealers.
The airline has also obtained credit ratings from two agencies. Agusto & Co. assigned it short-term and long-term ratings of A3 and BBB-, respectively, with a stable outlook, while DataPro rated it A1 for the short term and BBB for the long term.
The investor presentation showed that the airline’s revenue rose from N10.3bn in 2021 to N90.8bn in 2025, while profit after tax increased from N1.3bn to N23.8bn over the same period.