United Nigeria Airlines (UN, Enugu) has raised NGN22 billion naira (USD16.5 million) from Nigeria's capital market through its debut commercial paper (CP) issuance, becoming the first airline in the country to access the short-term debt market through the instrument, the airline said in a statement.
The issuance, comprising two series with tenors of 270 and 364 days, was the first under the carrier's NGN100 billion (USD74.5 million) commercial paper programme, which forms part of a five-year expansion strategy, according to its September 2026 investor presentation.
Proceeds from the first tranche exceeded the NGN20 billion (USD15 million) target following strong demand from investors. The airline said the oversubscribed offer reflected investor confidence in its financial performance, business model, growth strategy, and credit profile.
Managing director Mazi Osita Okonkwo said the proceeds would support the airline's fleet expansion and operational requirements.
Meristem Capital Limited, which served as the lead issuing house, confirmed it was the first commercial paper issuance by a Nigerian airline.
In a statement on October 19, 2026, the airline said it recorded revenue of NGN95.6 billion (USD71 million) in the first half of 2026, with its August 2026 net profit stood at NGN1.2 billion (USD893,000) on a turnover of NGN19.4 billion (USD14.5 million). The airline expressed optimism that its performance for the remainder of the year and beyond would be on an upward trajectory.
This follows financial growth in recent years with revenue increasing from NGN10.3 billion (USD7.7 million) in 2021 to NGN90.8 billion (USD67.5 million) in 2025, while net profit rose from NGN1.3 billion (USD967,000) to NGN23.8 billion (USD17.6 million) during the same period.
The airline operates a fleet of 11 aircraft (including five on ACMI contracts) and plans to receive six more by the end of the year, it said. The in-house fleet currently comprises two B737-800s and four E145s, according to ch-aviation data. It also wet leases two CRJ900s from CemAir and two E190s from Windrose Airlines.
In addition, it is wet leasing one A320-200 from FLYYO for the next six months, a spokesman confirmed. ADS-B data shows the A320, YR-ADC (msn 3256), arrived in Lagos from Craiova on November 1. The 19.2-year-old aircraft is one of three A320-200s in the FLYYO fleet and carries 180 passengers in a single economy-class cabin. It formerly flew with flynas after having been delivered to GoAir in 2007, according to ch-aviation data.
United Nigeria Airlines serves 14 destinations in Nigeria and Ghana and holds approvals to operate as a flag carrier to six international destinations.
