United Nigeria Airlines plans to raise up to N20 billion, equivalent to about $15 million, through a commercial-paper issue to fund fleet and network expansion. The Nigerian carrier’s first tranche under a planned N100 billion programme will comprise 270-day and 364-day instruments, supporting operations across domestic, regional and international markets. The airline currently operates Embraer ERJ-145s, E190s, CRJ900s and Boeing 737-800s.
Meristem Capital is lead arranger for the transaction, which would make United Nigeria the first Nigerian domestic carrier to access commercial-paper funding. Ratings providers identified for the programme include Agusto & Co and DataPro.
United Nigeria operates 10 aircraft and plans to add six more before the end of 2026. The expansion includes additional Boeing 737-800s and is intended to increase capacity and extend the carrier’s route network beyond its domestic base.
The proposed issue would provide short-term capital-market funding for working capital, fleet growth and balance-sheet support. Reports describe a planned fundraising rather than a completed transaction; they do not confirm that the full N20 billion has already been raised.