United Nigeria Airlines raises ₦22B in debut commercial paper, targets 16-aircraft fleet
United Nigeria Airlines (UNA) raised ₦22 billion through its first-ever commercial paper issuance, surpassing its ₦20 billion target after investor subscriptions exceeded ₦25 billion. The airline accepted an additional ₦2 billion (10% over target) and returned the rest, marking Nigeria's first CP issuance by an airline. This is the first tranche of a ₦100 billion programme.
Proceeds will fund fleet expansion and working capital. UNA currently operates 10 aircraft and plans delivery of six more by December 2026, potentially growing the fleet to 16. The airline serves 14 destinations across Nigeria and Ghana with approvals for six international routes as a designated flag carrier.
The issuance comprised 270-day and 364-day series. Agusto & Co. assigned A3/BBB- ratings (stable outlook); DataPro assigned A1/BBB. Meristem Capital led the transaction, attracting asset managers, insurers, and high-net-worth individuals.
UNA's financial trajectory supports the raise: revenue grew from ₦10.3 billion (2021) to ₦95.6 billion in H1 2026 alone, exceeding full-year 2025 revenue of ₦90.8 billion. Profit after tax rose from ₦1.3 billion to ₦23.8 billion in 2025. Nigerian companies raised ₦1.61 trillion via CP in 2025, a 40% jump from 2024.
With revenue nearly doubling yearly and a 60% fleet expansion underway, does this CP debut signal a new capital market playbook for Nigerian aviation, or simply bridge working capital until international routes mature?