LAGOS — United Nigeria Airlines plans to raise N20 billion through commercial paper, the first tranche of a N100 billion programme. The notes will be issued in two series of 270 and 364 days, with Meristem Capital as lead arranger. The airline said its revenue grew from N10.3 billion in 2021 to N90.8 billion in 2025, while profit after tax rose from N1.3 billion to N23.8 billion. Revenue in the first half of 2026 reached N95.6 billion. The carrier operates 10 aircraft, expects six more by the end of the year and serves 14 destinations in Nigeria and Ghana. It has been rated A3 by Agusto and A1 by DataPro for the short term.