United Nigeria Reports N23.8bn Profit for 2025, Plans N20bn Commercial Paper

United Nigeria Airlines has reported a profit after tax of N23.8bn for 2025, up from N1.3bn in 2021, as the carrier prepares to raise N20bn through a commercial paper issuance to fund its expansion.

The airline disclosed the figures in a statement over the weekend, citing its September 2026 investor presentation, which set out its financial performance and five-year expansion strategy. According to the airline, the proposed N20bn fundraising is the first tranche of a N100bn commercial paper programme.

The issuance will comprise Series 1 and 2 papers with tenors of 270 and 364 days, respectively. Meristem Capital Limited is 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.

United Nigeria said the issuance is intended to strengthen its financial position and support expansion of its domestic, regional and international operations. The airline also said it has secured credit ratings from two agencies: Agusto & Co. assigned 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 said it is positioned to become Nigeria’s first domestic operator to issue commercial paper.

Its investor presentation showed revenue grew from N10.3bn in 2021 to N90.8bn in 2025, while profit after tax rose from N1.3bn to N23.8bn over the same period. The airline said growth continued into 2026, with revenue of N95.6bn in the first half of the year.

In August, turnover rose to N19.4bn from N14.1bn in July, while the carrier recorded a net profit of N1.2bn. United Nigeria said it expects performance for the rest of the year and beyond to remain on an upward trajectory.

The carrier is also expanding its fleet. It 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. It serves 14 destinations across Nigeria and Ghana and has secured approval to operate to six international destinations.

Earlier in the year, the airline 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. United Nigeria has been certified under the International Air Transport Association’s Operational Safety Audit since 2022 and is an IATA member airline.