5G Technology: MTN and Mafab win the 5G spectrum auction, while Airtel falls to $270 million
At 7.20 p.m. Thursday, round 11 of the 3.5 GHz spectrum auction for the deployment of 5G technology came to an end, with MTN and Mafab Communications winning the auction for $273 million. Airtel’s market capitalization has plummeted to $270 million.
Only two seats were available at the end of the eleventh round, and only MTN and Mafab were willing to pay the fee of $273 million.
MTN, on the other hand, proposed an additional $15.900 million for a preferred spectrum lot on top of Mafab’s $11.120 million bid.
On February 24, 2022, the victors are expected to pay the bid price at the current official naira exchange rate.
iexclusive News Nigeria reports that Nigeria reports that the first round of the auction began at $199, 347,256, the second at $201,367,740 million, the third at $204,388,256, the fourth at $209,497,962.50, the fifth at $215,782,901.38, the sixth at $224,414,217.43, the seventh at $231,146,643.96, the eighth at $240.392,509.71, the ninth at $251,210,176.65, the tenth at
Dr Shafi Ndanusa, Assistant Director, Administration, Nigerian Communications Commission (NCC), who provided commentary on what was going on in the bidding chamber, said the auction manager decides what the price will be at each step of the bid using the ascending clock auction mechanism.
He adds a percentage of 1% or so to the previously accepted price by the bidders, which is the price that will be on sale in the next round.
As a result, when the auction opened for round one, the auction management added around 1% to the reserved price of $197.4 million, bringing the first round price to $199.347 million.
The three bidders were given the option of accepting or rejecting that price. The three bidders qualified for the second round of the auction when they accepted the price of $199.347 million, as decided by the auction manager. The process went on like this until round ten, when…
The auction began with a brief ceremony in which the Minister of Communication and Digital Communication, Professor Isa Ibrahim Pantami, the Chairman of the Nigerian Communications Commission (NCC) board of directors, Professor Adeolu Akande, and the NCC’s Executive Vice Chairman, Professor Umar Danbatta, spoke to the participants and observers about the importance of the spectrum auction.
In A 5G spectrum Auction, Nigeria Raised $563 Million
The auction of the 3.5GHz spectrum band in Nigeria collected a total of USD563,100,000 (approximately N231 billion) for the deployment of 5G network technologies across the country.
The auction of the 3.5GHz spectrum band by the NCC, Nigeria’s telecoms authorities, took place in Abuja, the Federal Capital Territory, according to TheNewsGuru.com (TNG) (FCT).
The Nigerian government, through the NCC, offered spectrum in the 3.5GHz band for 5G deployment in the country.