MTN and Mafab Communications have emerged winners of the 3.5GHz spectrum auction at the price of $273 million during round 11, just as Airtel dropped after the 10th round, reports ITREALMS.
The 3.5 Ghz spectrum auction was to facilitate the deployment of 5G technology in the country, which has thrown up only two slots.
According to officials of Nigerian Communications Commission (NCC), the winners are to pay the bid price on or before February 24, 2022 at prevailing exchange rate to Naira.
The three bidders held sware from round one on to 11th session held at the Transcorp Hilton Abuja.
ITREALMS recalls that the first round of the ongoing 5G Spectrum license auction, commenced precisely by 12.58 pm on Monday with the opening bid price of $199,347,000, up from the reserved price of $197.4 million.
ITREALMS also gathered that earlier the three bidders were given 20 minutes to indicate their agreement with the current bid price, reject the price or indicate a much higher price.
ITREALMS reports that the auction commenced with a brief ceremony with some remarks by the Minister of Communication and Digital Communication, Professor Isa Ibrahim Pantami, Chairman of the Nigerian Communications Commission ( NCC) board of directors, Professor Adeolu Akande and Executive Vice Chairman of the NCC, Professor Umar Danbatta addressed the participants and observers on the imperative of the spectrum auction.
Representatives of the three bidding firms include Alhaji Musibau Bashiru the chairman of Mafab Telecom, MTN by the Chief Executive Officer, Mr Karl Toriola and Airtel by the Chief Finance Officer (CFO) Mr. Sreedhar Krishna Menon.
In this bidding NCC is using the clock option system which enables increment at every stage of the round until the final bid offer.
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