News
United Nigeria Airlines Targets ₦20bn in First Commercial Paper Issuance
By staff Reporter Rukevwe Odeh
United Nigeria Airlines Plans ₦20bn Fundraising to Boost Operations, Expand Fleet
United Nigeria Airlines has announced plans to raise ₦20 billion through its maiden commercial paper issuance, marking a significant development in Nigeria’s domestic aviation industry.
The proposed fundraising represents the first tranche of the airline’s ₦100 billion commercial paper programme, designed to strengthen its financial position and support its expansion into domestic, regional and international markets.
According to the airline’s September 2026 investor presentation, the issuance will be divided into two series, with maturities of 270 days and 364 days, respectively.
Meristem Capital Limited will serve as the 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 participate as dealers.
Revenue Growth Supports Fundraising Plans
The airline’s decision to access the short-term debt market comes amid significant growth in its financial performance.
Its revenue increased from ₦10.3 billion in 2021 to ₦90.8 billion in 2025, while profit after tax rose from ₦1.3 billion to ₦23.8 billion within the same period.
United Nigeria Airlines also reported revenue of ₦95.6 billion in the first half of 2026. In August, its turnover increased to ₦19.4 billion from ₦14.1 billion recorded in July, alongside a net profit of ₦1.2 billion.
The airline has also secured credit ratings from Agusto & Co. and DataPro ahead of the proposed issuance, providing investors with independent assessments of its creditworthiness. However, such ratings do not guarantee repayment.
Airline Plans Fleet Expansion
As part of its growth strategy, United Nigeria Airlines plans to increase its fleet from 10 aircraft to 16, with six additional aircraft expected before the end of 2026.
The carrier currently operates aircraft models including the Embraer ERJ-145, Boeing 737-800, Embraer E190 and CRJ900.
It serves destinations across Nigeria and Ghana and has obtained approval to operate as a flag carrier on six international routes, subject to applicable operational and regulatory requirements.
The airline has also entered into distribution agreements with Amadeus and Sabre, allowing travel agents worldwide to access its ticket inventory.
Additionally, its membership of the African Airlines Association and participation in the International Air Transport Association’s industry initiatives are expected to support its broader international ambitions.
Commercial Paper to Support Future Growth
The proposed ₦20 billion issuance will establish a new fundraising channel for United Nigeria Airlines as it seeks to finance its operational needs and pursue expansion opportunities.
Commercial paper is a short-term debt instrument that enables companies to raise money from investors, typically for working capital and other business requirements. Unlike selling shares, the arrangement involves borrowing funds that must be repaid under agreed terms.
The success of the airline’s fundraising effort will depend on investor participation, borrowing costs and its ability to maintain sufficient revenue to meet its financial obligations while expanding its operations.
News
2027: Peter Obi Vows to Jail Election Riggers If Elected President
By staff Reporter Rukevwe Odeh
Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), has vowed to prosecute and jail individuals found guilty of electoral fraud if elected president in the 2027 general election.
Obi made the declaration on Wednesday during an NDC town hall meeting in Akwanga Local Government Area of Nasarawa State, where he addressed party supporters on electoral integrity and the need to strengthen Nigeria’s democratic institutions.
The former Anambra State governor warned that individuals who attempt to manipulate election results would face legal consequences, regardless of their positions or political affiliations.
Speaking on how his party would respond to electoral malpractice, Obi said his administration would take decisive steps to prevent election rigging and ensure that offenders were held accountable.
He stated that strengthening political parties and reforming the electoral process would be central to his proposed measures to protect the credibility of future elections.
Obi also warned officials of the Independent National Electoral Commission (INEC) and other individuals involved in election administration against participating in electoral fraud, insisting that anyone found guilty would face prosecution.
Beyond electoral offences, the NDC candidate called for stricter eligibility requirements for individuals seeking elective positions, proposing that aspirants should demonstrate that they attended primary and secondary school.
He further warned that anyone who forged academic certificates or falsely claimed educational qualifications would face imprisonment.
According to Obi, his proposed administration would uphold the rule of law and ensure that public officials and ordinary citizens were treated equally before the law.
He maintained that Nigeria needed an electoral system in which votes counted, political institutions functioned effectively, and electoral laws were enforced without discrimination.
Obi said his ambition was driven by the desire to transform the country and establish a system where democratic principles and accountability were respected.
His comments come as political parties and prospective candidates intensify preparations for the 2027 general elections, with electoral transparency and the credibility of the voting process expected to remain major campaign
News
TUC Rejects FG’s ₦70,000 Wage Award, Demands ₦300,000 Minimum Salary
By Staff Reporter Rukevwe Odeh
The Trade Union Congress of Nigeria (TUC) has rejected the Federal Government’s proposed ₦70,000 monthly wage award for workers, demanding an immediate salary increase and the full implementation of outstanding agreements with health sector unions.
The congress urged President Bola Tinubu’s administration to introduce a permanent salary adjustment rather than rely on temporary financial interventions, which it described as inadequate to address the economic hardship facing Nigerian workers.
The Federal Government had approved a ₦70,000 transportation allowance for workers across all levels for six months, beginning in November 2026, following a conciliation meeting with the leadership of the Nigeria Labour Congress (NLC).
However, the TUC maintained that workers required sustainable improvements in their earnings to cope with rising costs of food, transportation, healthcare and other essential services.
TUC Proposes ₦300,000 Minimum Salary
The labour congress argued that the Federal Government could increase the salary of the lowest-paid worker from the current ₦70,000 minimum wage to ₦300,000 monthly without waiting for negotiations on a new national minimum wage.
According to the TUC, there is no legal provision establishing a maximum salary that employers can pay workers.
The congress also pointed out that some state governments had introduced minimum wages exceeding ₦100,000, arguing that the Federal Government could adopt a more substantial salary increase and make corresponding adjustments across other salary grades.
It insisted that ongoing negotiations over the national minimum wage should not prevent the government from taking immediate action to improve workers’ earnings.
TUC Questions Previous Wage Award Implementation
The congress explained that its rejection of the proposed intervention was partly informed by the incomplete implementation of the previous wage award introduced in October 2023.
According to the TUC, some workers were still owed one or two months of payments, while others reportedly received nothing.
It further alleged that payments to some beneficiaries were irregular, with workers sometimes waiting one or two months between payments despite repeated demands.
The union also claimed that more than 80 per cent of states and workers in the informal sector did not benefit from any form of wage award.
The TUC argued that introducing another temporary payment without addressing the shortcomings of previous arrangements could undermine workers’ confidence in government commitments.
Beyond salary increases, the congress called for the immediate implementation of the outstanding agreement with the Joint Health Sector Unions (JOHESU), particularly the adjustment of the Consolidated Health Salary Structure (CONHESS).
The TUC said the agreement was reached following negotiations aimed at resolving the prolonged industrial dispute involving health workers.
According to the congress, JOHESU suspended its industrial action in good faith after the agreement was reached, but the Federal Government had yet to fulfil its commitment regarding the CONHESS adjustment.
The union said seven months had passed since the agreement was reached, describing the delay as unacceptable and warning that failure to honour agreements could weaken trust between the government and organised labour.
It called on the government to implement the agreed adjustment without further delay, provide the necessary budgetary provisions and publish a clear timetable for resolving all outstanding issues.
The congress also urged federal, state and local governments to introduce practical measures to reduce the cost of essential goods and services.
It called for the timely payment of salaries and pensions, protection of existing jobs, an end to exploitative labour practices and renewed efforts to strengthen productive sectors of the economy.
The TUC stressed that economic hardship affected not only federal workers but also state and local government employees, pensioners, private-sector workers and those operating in the informal economy.
The congress maintained that government interventions must be inclusive, adequately funded and supported by clear implementation plans.
It said it was awaiting the outcome of its scheduled meeting with the Federal Government before deciding on its next course of action.
The TUC reiterated that workers were demanding improved living conditions, fair remuneration and respect for agreements, insisting that temporary relief measures should not replace lasting improvements in workers’ welfare.
News
Senate Approves Tougher Penalties for Oil Spills, Targets Polluters
By staff Reporter Rukevwe Odeh
The Nigerian Senate has passed a bill seeking to introduce stiffer penalties, including heavier fines and criminal sanctions, against individuals and companies responsible for oil spills and environmental pollution in the country’s petroleum industry.
The proposed legislation, known as the National Oil Spill Detection and Response Agency (Establishment) Act (Amendment) Bill, 2026, seeks to strengthen the enforcement powers of the National Oil Spill Detection and Response Agency (NOSDRA).
The bill was passed after the Senate considered and adopted the report of its Committee on Environment during plenary.
Presenting the committee’s report on behalf of its chairman, Senator Olubiyi Fadeyi Oluwole, the Senate Chief Whip, Senator Tahir Monguno, representing Borno North, said existing penalties had failed to deter environmental violations, making tougher sanctions necessary.
According to Monguno, oil spills have continued to damage farmlands, contaminate fishing waters and destroy the livelihoods of residents in oil-producing communities, particularly across the Niger Delta.
He maintained that stronger penalties would help hold those responsible for environmental damage accountable and improve compliance with environmental regulations.
The amendment seeks to revise the NOSDRA Establishment Act, 2006, by providing a stronger legal framework for punishing oil pollution offenders and enhancing the agency’s capacity to enforce environmental standards.
During consideration of the bill, lawmakers examined its provisions clause by clause under the Committee of the Whole and approved all 12 clauses, including the short title, explanatory memorandum and long title.
The bill was subsequently read for the third time and passed after the Senate returned to plenary.
Senate President Godswill Akpabio commended the Committee on Environment for its work and congratulated NOSDRA on the additional enforcement powers envisaged under the legislation.
Oil pollution remains a major environmental and economic concern in the Niger Delta, where repeated spills have affected ecosystems, agricultural land, fishing activities and access to clean water in several communities.
The proposed amendment is expected to strengthen accountability in the petroleum sector, although its effectiveness will depend on proper implementation, effective monitoring and consistent enforcement against offenders.
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