Nigeria raises $563 million in 5G spectrum auction

-MTN, Mafab Emerge Winners In 3.5GHz Spectrum Aunction

Nigeria has raised a total sum of USD563.1million, which is about N231 billion following the successful auction of 3.5GHz spectrum band for the deployment of 5G network technology across the country.

The Aunction of the 3.5GHz spectrum band carried out by the regulator took place Monday in Abuja, the Federal Capital Territory (FCT).

A statement by the NCC said the total sum raised includes the prices for the right to use licences, and investment commitments tied to the band as well as the premium paid.

While three mobile operators participated in the Aunction, MTN Nigeria and Mafab Communications Ltd secured the 3.5GHz spectrum band, with Airtel Nigeria falling short of the Aunction at the 11th round.

Announcing the outcome of the auction,
The Executive Vice Chairman and Chief Executive of the NCC, Prof Umar Danbatta while announcing the outcome of the aunction said the auction was won at $273,600,000 per lot.

Meanwhile, MTN is said to have made the highest bid of the sum of $15,900,000 at the assignment stage of the exercise to be assigned the preferred lot of lot one, while Mafab was assigned lot two at no extra cost.

The NCC adopted the Ascending Clock Auction format for the main stage of the auction, which ended after round 11 before proceeding to the assignment stage.

The provisional winners are expected to pay the Winning Bid price, less the Intention-to-Bid Deposit, not later than February 24, 2022.

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