United Nigeria Airlines targets N20 billion via commercial paper issuance

United Nigeria Airlines is seeking to raise up to N20 billion through the issuance of Series 1 and Series 2 commercial papers. This move makes the company the first domestic airline in Nigeria to access the short-term debt market. The issuance is part of a larger N100 billion commercial paper programme and is scheduled to close on October 20.

The funds are intended to support short-term working capital needs and finance a five-year expansion strategy. This strategy includes increasing aircraft numbers, launching new international routes, and expanding domestic and regional operations.

The airline has reported significant financial growth, with revenue increasing from N10.3 billion in 2021 to N90.8 billion in 2025. In the first half of 2026, the company recorded revenue of N95.6 billion, surpassing its total 2025 revenue. The transaction is being arranged by Meristem Capital Limited, with several other firms serving as dealers.