By Nathaniel Irobi
United Nigeria Airlines has reported a profit after tax of N23.8bn for 2025, up from N1.3bn in 2021, as the carrier moves to raise N20bn through a commercial paper issuance to fund its expansion.
The figures were contained in a press release made available to journalists over the weekend, drawing on the airline’s September 2026 investor presentation, which set out its financial performance and a five-year expansion strategy.
According to the release, the proposed N20bn fundraising represents the first tranche of a N100bn commercial paper programme, and positions the airline to become Nigeria’s first domestic operator to issue commercial paper.
The issuance will comprise Series 1 and 2 papers with tenors of 270 and 364 days respectively.
Meristem Capital Limited is listed as lead arranger, while Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, FSL Advisory Limited and Quantum Zenith Capital & Investments Limited will serve as dealers.
The airline said it has secured credit ratings from two agencies ahead of the issuance. Agusto & Co. assigned the carrier short-term and long-term ratings of A3 and BBB- respectively, with a stable outlook, while DataPro rated it A1 short-term and BBB long-term.
The proposed issuance comes as the airline seeks to strengthen its financial position and expand its domestic, regional and international operations.
The investor presentation showed revenue grew from N10.3bn in 2021 to N90.8bn in 2025, while profit after tax climbed from N1.3bn to N23.8bn over the same period.
The growth has continued into 2026, with the airline reporting revenue of N95.6bn in the first half of the year. Its August performance also improved, with turnover rising to N19.4bn from N14.1bn in July, while the carrier recorded a net profit of N1.2bn.
The airline expressed confidence in its outlook, stating that it expected its performance “for the remaining part of the year and beyond would be in the upward trajectory.”
Beyond its financial results, United Nigeria Airlines is pursuing fleet expansion to support its growing operations.
The carrier currently operates 10 aircraft, including Embraer ERJ-145s, a Boeing 737-800, Embraer E190s and CRJ900s, and plans to receive six additional aircraft before the end of 2026.
The airline serves 14 destinations across Nigeria and Ghana and has secured approval to operate to six international destinations.
Earlier in the year, United Nigeria Airlines secured Global Distribution System agreements with Amadeus and Sabre, allowing travel agents worldwide to access its ticket inventory and making its services more accessible to travellers.
The carrier has been certified under the International Air Transport Association’s Operational Safety Audit since 2022 and is an IATA member airline.
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