United Nigeria eyes NGX listing, sets Lagos–New York non-stop flights for 2026

UNITED Nigeria Airlines has unveiled ambitious expansion plans that include a proposed listing on the Nigerian Exchange (NGX) within the next 3 to 5 years and the launch of direct long-haul flights from Lagos to New York. The airline disclosed the strategy at its 5th anniversary world press conference, where its executive Chairman, Prof Obiorah Okonkwo, outlined a roadmap focused on capital market funding, fleet growth, and international network expansion.

According to Prof Okonkwo, the planned stock market debut formed a core part of the airline’s medium-term vision. While he did not give a fixed date, he said management was working toward being ‘market ready’ within a 3-to-5-year window. He explained that going public would help the company diversify its funding sources and reduce its dependence on bank loans, which already attracts very high interest rates in Nigeria’s tight credit environment.

The aviation executive noted that commercial borrowing had become prohibitively expensive for operators, with loan rates now ranging between 30 percent and 35 percent. He argued that such financing conditions made fleet acquisition and route expansion extremely difficult for airlines, given the scale of investment required. Aircraft, he said, were among the most capital-intensive assets in the transport sector, often requiring loans running into tens of billions of naira.

To illustrate the burden, Okonkwo said a hypothetical N100 billion loan at 30 percent interest would mean paying about N30 billion every year in interest alone, without touching the principal. This, he added, translated to roughly $2 million per month. Under such conditions, airline balance sheets could quickly come under strain. For this reason, he said, the industry had been appealing to government to create a single-digit financing window specifically for airlines.

He maintained that raising equity through the capital market would significantly lower the cost of capital, giving the carrier greater flexibility to invest in new aircraft and routes. However, he stressed that listing on the NGX required strict adherence to corporate governance, transparency, and financial reporting standards. “You are inviting external investors into your business,” he said, “so you must be sure your processes and structure are strong enough for that level of scrutiny.”

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Prof Okonkwo added that United Nigeria was putting systems in place to meet regulatory and governance expectations, describing the preparation process as extensive and ongoing.

Beyond capital market plans, the airline also announced major route expansion, including long-awaited transatlantic services. Okonkwo revealed that United Nigeria will commence direct flights from Lagos to New York by the end of the second quarter (Q2) of 2026. The new route is expected to mark the airline’s entry into long-haul international operations.

To support the Lagos–New York service, the carrier has acquired two Airbus A330-200 wide-body aircraft, which are capable of operating non-stop transatlantic flights. The first of the two aircraft is scheduled for delivery on July 26. According to the chairman, these planes will form the backbone of the airline’s long-distance operations.

In addition to the wide-body fleet, United Nigeria has also secured six Boeing 737-800 aircraft to strengthen its regional and continental network. Prof Okonkwo said the jets will serve destinations across West Africa, the Middle East, and parts of Africa, including cities such as Dakar, Johannesburg, Dubai, and Jeddah. He noted that all six aircraft were expected to arrive before the end of Q2, with the first 2 set for delivery by March 1.

The airline had earlier announced plans to begin regional and international operations from August 25, 2025, covering routes to the United Kingdom, United States, United Arab Emirates, South Africa, Senegal, and Ghana. These new services are expected to position the carrier as a growing player in Africa’s international aviation market.

To strengthen its commercial reach, United Nigeria recently signed a global distribution agreement with Sabre Central and West Africa, a joint venture of Sabre Corporation. The deal will make the airline’s fares and seat inventory available on the Sabre global travel marketplace, improving visibility among travel agents and corporate booking platforms worldwide.

Management believes the combination of capital market access, fleet expansion, and international route development will support sustainable growth, enhance competitiveness, and open new revenue streams for the airline as it enters its next phase of development.