The proposed fundraising comprises two series of commercial papers with maturities of 270 days and 364 days, respectively, under a ₦100 billion commercial paper programme. If completed as planned, the transaction would mark a significant step for the airline in accessing Nigeria’s short-term debt market to finance its business needs.

According to the airline’s September 2026 investor presentation, Meristem Capital Limited will arrange the transaction, 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 proposed issuance comes as United Nigeria Airlines pursues an expansion strategy covering domestic, regional and international markets. The plan includes increasing its aircraft capacity, introducing additional international routes and strengthening partnerships that can improve access to its ticket inventory worldwide.

The airline’s planned entry into the commercial paper market also follows growth in its financial performance over the past five years, providing context for its efforts to secure additional funding.

However, the available transaction information does not specify the expected investment yields, the offer opening date or the precise allocation of the proposed ₦20 billion proceeds.

Ahead of the planned issuance, the airline received credit ratings from two rating agencies. Agusto & Co. assigned it an A3 short-term rating and a BBB-minus long-term rating, with a stable outlook. DataPro, meanwhile, assigned short-term and long-term ratings of A1 and BBB, respectively.

These assessments provide investors with information about the airline’s credit profile, although credit ratings do not eliminate the risk of delayed payment or default.

United Nigeria Airlines currently operates a fleet comprising Embraer ERJ 145 aircraft, Boeing 737-800s, Embraer E190s and CRJ900s. The airline is seeking to build on its existing operations as it prepares for further growth.