United Nigeria Airlines Unveils ₦100 Billion Funding Plan As Revenue Surges To ₦95.6 Billion

United Nigeria Airlines Company Limited is set to become the first domestic airline operator in Nigeria to issue commercial paper, with an initial tranche valued at ₦20 billion under a proposed ₦100 billion programme.

According to Bush Radio Academy, the airline’s September 2026 investor presentation outlined plans to issue the commercial paper in two series, with tenors of 270 days and 364 days. The fundraising initiative is aimed at strengthening the company’s financial position and supporting its expansion across domestic, regional and international markets.

Meristem Capital Limited will serve as the lead arranger for the issuance, while Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, FSL Advisory Limited and Quantum Zenith Capital & Investments Limited will act as dealers.

The airline has also secured ratings from two credit rating agencies. Agusto & Co. assigned it a short-term rating of A3 and a long-term rating of BBB-, with a stable outlook. DataPro gave the airline short-term and long-term ratings of A1 and BBB, respectively.

The proposed fundraising comes amid significant growth in the airline’s financial performance. Its revenue increased from ₦10.3 billion in 2021 to ₦90.8 billion in 2025, while profit after tax rose from ₦1.3 billion to ₦23.8 billion over the same period.

United Nigeria Airlines recorded revenue of ₦95.6 billion in the first half of 2026. Its August turnover also climbed to ₦19.4 billion, compared with ₦14.1 billion in July, while the airline returned to a net profit of ₦1.2 billion during the month.

The company expressed optimism that its financial performance would continue to improve over the remainder of 2026 and beyond.

In terms of fleet expansion, the airline currently operates 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 the year.

United Nigeria Airlines presently serves 14 destinations across Nigeria and Ghana and has obtained approval to operate as a flag carrier to six international destinations, as it seeks to strengthen its presence in the regional and international aviation markets.

The airline has also signed Global Distribution System agreements with Amadeus and Sabre, enabling travel agents worldwide to access its ticket inventory.

Additionally, the carrier has maintained certification under the International Air Transport Association’s Operational Safety Audit (IOSA) programme since 2022 and is an IATA member airline.

In 2026, the airline signed the IATA Multilateral Interline Traffic Agreement and became a full member of the African Airlines Association, developments that could support its international connectivity and broader industry partnerships.

The planned commercial paper issuance represents another step in the airline’s efforts to raise funding, expand its fleet and strengthen its position in Nigeria’s increasingly competitive aviation sector.