After 11 rounds of bidding, two telecoms operators, MTN Nigeria and Mafab Communications Ltd have emerged winners of the 100 MHz lots each in the 3.5 Gigahertz (GHz) spectrum for the Fifth Generation (5G) network license auctioned by the Nigeria Communication Communication, NCC.
At the Transcorp Hilton Abuja, venue of the Live Auction of the 5G License last Monday night, the two companies offered to pay a whopping $275 million to the NCC for the two slots in a 3-horse race among MTN, Airtel Networks Ltd and Mafab.
MTN, Mafab and Airtel participated in the bid using the Ascending Clock Auction System, but to the consternation of industry watchers, Mafab, an indigenous firm was the surprising underdog that gave MTN and Airtel a good run for their monies as it was active from the reserved bid price of $197.4 million.
However, Airtel had to drop off during the auction mid-way leaving the two to pay $275 million between now and February 2022.
The Nigerian Communications Commission conducted the auction with each firm went through a bidding room after participating in an opening round.