MTN Nigeria and Mafab Wins 3.5 GHz Spectrum Auctions, to Pay $547million

© MTN Nigeria and Mafab Wins 3.5 GHz Spectrum Auctions, to Pay $547million
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The winner for the 5G spectrum has finally emerged as MTN Nigeria and Mafab Communication Limited were announced by the Nigeria Communications Commission (NCC) the preferred bidders for the auction of the two slots of 3.5 GHz Spectrum available for the deployment of Fifth-generation network. The auction, which was monitored virtually by TechnologyMirror from Lagos, south West Nigeria, revealed that both companies offered $270 million each (totally $540m) at the end of the eleventh round while MTN Nigeria offered additional $15.900 million for a preferred spectrum lot above the $11.120 million offered by Mafab Communication Limited.

According to the NCC, the winners are expected to pay the bid price on February 23, 2022 at prevailing official naira value. The keenly contested bidding, which saw Airtel Nigeria crashing out of the race at the eleventh round started at the first round with a price of $199,347,256, and then closed with $201,367,740 million on the second lap while at the third round the price was high up at $204,388,256. The fourth lap was ended at $209,497,962.50, the fifth at $215,782,901.38, the sixth at $224,414,217.43, seven round at $231, 146,643.96, eight round, $240.392,509.71, round nine at $251,210,176.65, round ten at $263,017,050.77 million, round eleven closed at $275,904,886.25 million.


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