United Nigeria Airlines (UNA) plans to raise ₦20 billion through the first tranche of a ₦100 billion commercial paper programme to strengthen its financial position and fund expansion.
The proposed issuance comprises Series 1 and 2, with tenors of 270 and 364 days, respectively. Meristem Capital Ltd. will arrange the transaction, while Cordros Advisory Services Ltd., Coronation Merchant Bank Ltd., FCMB Capital Markets Ltd., FSL Advisory Ltd. and Quantum Zenith Capital and Investments Ltd. will serve as dealers.
Ahead of the proposed issuance, the airline secured credit ratings from two agencies. Agusto & Co. assigned it an A3 short-term rating and a BBB- long-term rating, both with a stable outlook, while DataPro rated it A1 for the short term and BBB for the long term.
The airline’s investor presentation showed that its revenue rose from ₦10.3 billion in 2021 to ₦90.8 billion in 2025, while profit after tax increased from ₦1.3 billion to ₦23.8 billion over the same period.
It also recorded revenue of ₦95.6 billion in the first half of 2026. In August, turnover increased to ₦19.4 billion from ₦14.1 billion in July, while the airline returned to a net profit of ₦1.2 billion.
The airline said the proposed fundraising was part of its broader plan to expand its domestic, regional and international operations.
UNA currently operates a fleet of 10 aircraft, including Embraer ERJ-145s, Boeing 737-800s, Embraer E190s and CRJ900s. It plans to take delivery of six additional aircraft before the end of 2026.
The airline serves 14 destinations across Nigeria and Ghana and has secured approval to operate as a flag carrier to six international destinations.
In 2026, it signed the IATA Multilateral Interline Traffic Agreement and became a full member of the African Airlines Association.
