United Nigeria Airlines targets N100bn commercial paper market

By Dickson Omobola

United Nigeria Airlines Company Limited is set to become the first domestic airline to issue commercial paper, with an initial tranche of N20 billion under its N100 billion programme.

According to its September 2026 investor presentation, which outlined its financial performance and five-year expansion strategy, the commercial paper will be issued in Series 1 and 2, with tenors of 270 days and 364 days, respectively. The proposed issuance will be the first under the airline’s N100 billion commercial paper programme.

Meristem Capital Limited will serve as the lead arranger for the transaction, while Cordros Advisory Services Limited, Coronation Merchant Bank ...