United Nigeria Airlines (UNA) has raised ₦22 billion through its debut Commercial Paper (CP) issuance, becoming the first airline in Nigeria to access the debt instrument in the country’s financial market.

The airline disclosed that the successful issuance represents the first tranche of its ₦100 billion Commercial Paper programme, with the ₦22 billion raised exceeding its initial target of ₦20 billion for Series 1 and Series 2.

The offer attracted more than ₦5 billion in excess subscriptions, reflecting strong interest from institutional investors, including asset managers, insurance companies and high-net-worth individuals.

However, demonstrating what it described as financial discipline, the airline accepted only a 10 per cent increase above its initial target, bringing the total amount raised to ₦22 billion, while returning the remaining unallocated subscriptions to investors.

Managing Director of United Nigeria Airlines, Mr Osita Okonkwo, said the strong investor response demonstrated confidence in the airline’s business model, financial performance and growth strategy.

He said the proceeds would be deployed towards fleet expansion and improved operational efficiency as the carrier advances its expansion plans.

Okonkwo expressed appreciation to investors who participated in the issuance, adding that the airline looked forward to further engagement with the capital market as it executes subsequent tranches of its funding programme.

Also speaking, Managing Director of Meristem Capital Limited, the Lead Issuing House for the transaction, Mr Rasaki Salawu, described the issuance as a landmark development for Nigeria’s aviation and financial sectors.

Salawu said the decision by the airline to limit the oversubscription to a 10 per cent increase, despite receiving more than ₦5 billion in excess demand, demonstrated financial prudence and sound corporate governance.

He expressed confidence that the transaction would provide significant support for the airline’s expansion objectives.

The capital raise comes as United Nigeria Airlines pursues plans to expand its fleet and strengthen its domestic and regional operations. The carrier currently serves 14 domestic and regional destinations across Nigeriaand Ghana, while working to deepen its regional network.

The airline also holds designated flag-carrier approvals for six international routes, positioning it for further expansion into the international aviation market.

The ₦100 billion Commercial Paper programme provides a funding framework for the airline to access additional short-term financing from the capital market as it pursues its growth and operational objectives.

Nigeria and Russia have agreed to renegotiate their 59-year-old Bilateral Air Services Agreement (BASA), with both countries setting April 2027 as the deadline for concluding negotiations and signing a new agreement.

The decision followed a high-level bilateral meeting led by the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, and Russia’s State Secretary and Deputy Minister of Transport, Dmitry Stanislavovich Zverev, on the sidelines of the Third Russia-Africa Summit in Moscow.

The proposed renegotiation is aimed at replacing the existing agreement, which dates back to 1967, with a modern framework that reflects current developments and emerging opportunities in international aviation.

The development was disclosed in a statement signed by Tunde Moshood, Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development.

Both countries agreed that negotiations would be concluded within six months, with the new agreement scheduled for signing in Saint Petersburg, Russia, in April 2027.

To ensure that the deadline is met, Nigeria and Russia have constituted their respective negotiating teams to begin work immediately on the proposed agreement.

The revised BASA is expected to strengthen air transport relations between both countries, improve connectivity, promote institutional collaboration and create opportunities for mutually beneficial engagement between their aviation industries.

Beyond the renegotiation of the air services agreement, the meeting also considered other areas of potential cooperation between Nigeria and Russia, with both sides expressing readiness to explore opportunities that could deepen bilateral relations in aviation and related sectors.

The Nigerian delegation included the Director-General of the Nigerian Civil Aviation Authority (NCAA), Capt. Chris Najomo; the Registrar of the Nigerian College of Aviation Technology (NCAT), Dr. Danjuma Adamu Ismaila; and directors from the Federal Ministry of Aviation and Aerospace Development and the NCAA.

The meeting forms part of Nigeria’s efforts to strengthen international aviation partnerships and update existing bilateral frameworks to reflect changing industry realities.

The Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), NAMA Branch, has pledged to support efforts by the Nigerian Airspace Management Agency (NAMA) to secure improved revenue allocation from the Ticket Sales Charge (TSC) and Aviation Height Clearance to strengthen its operational capacity.

The newly inaugurated executive of the union also pledged to promote industrial harmony, protect workers’ welfare and sustain constructive engagement with management to improve the agency’s performance.

The commitments were made by the new branch chairman, Comrade Ekip Ekip Eso, during the inauguration of the executive at NAMA headquarters annex in Lagos.

In a statement signed by NAMA’s Director of Public Affairs and Consumer Protection, Dr Abdullahi Musa, Eso said the new leadership would pursue responsible unionism, accountability and policies that promote members’ welfare and the development of Nigeria’s aviation industry.

He said adequate and sustainable funding was essential for NAMA to maintain critical air navigation infrastructure, strengthen operational capacity and discharge its statutory responsibility of managing Nigeria’s airspace.

According to him, the union would pursue constructive advocacy and engage relevant government authorities and industry stakeholders, alongside sister unions, to support the agency’s position on improved revenue allocation.

Eso said the new executive recognised the responsibility entrusted to it and would discharge its mandate with dedication, fairness and accountability.

He also commended members and stakeholders who supported the branch during its delegate conference in Jos, particularly the ATSSSAN National President, Comrade John Ogbe, for promoting dialogue and reconciliation that helped restore peace and mutual understanding within the union.

The chairman urged members to sustain the renewed unity in the association, noting that collective progress required mutual respect, cooperation and commitment to common objectives.

On workers’ welfare, he pledged that the executive would prioritise timely payment of entitlements, equitable career advancement, professional training, safe working conditions and sustained engagement with management.

He also called on NAMA management to intensify efforts towards securing the urgent approval and implementation of the agency’s new Conditions of Service, describing the document as important to addressing workers’ welfare and employment-related concerns.

The new executive said it would maintain a cooperative relationship with management while ensuring that the legitimate interests of members remained adequately protected.