United Nigeria Airlines has said its profit after tax stood at N23.8bn in 2025, up from N1.3bn in 2021. This was as the carrier plans to raise N20bn through a commercial paper issuance to support its expansion drive.
This was contained in a press release made available to journalists over the weekend.
According to the material, the airline’s September 2026 investor presentation, which outlined its financial performance and five-year expansion strategy, put the airline at a ready point to become Nigeria’s first domestic operator to issue commercial paper.
The proposed N20bn fundraising represents the first tranche of its N100bn commercial paper programme.
The issuance will comprise Series 1 and 2 papers with tenors of 270 and 364 days, respectively.
The transaction lists Meristem Capital Limited 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 proposed issuance comes as the airline seeks to strengthen its financial position and expand its domestic, regional and international operations.
The airline also said it has secured credit ratings from two agencies. 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 airline’s financial performance has improved significantly over the past five years. Its investor presentation showed that “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 airline added that 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 showed an improvement, as turnover rose 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 also 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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