The result of the 5G Ntework auction conducted by the Nigerian Communications Commission (NCC) has been released with MTN Nigeria and Mafab Communications Limited winning the slots while Airtel loses out.
The reserved bid price was initially $197.4 million, the bidders, however, moved repeatedly by the auction manager, and it finally reached $275,904,886.25 at round 11.
It was a 3 horse race among three qualified bidders for the 3.5 GHz spectrum, namely: MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd.
Airtel however dropped off before the bidding process moved to the assignment stage.
The assignment stage is an auction mechanism to resolve any such conflicts and where the winning bidder(s) will specify the date for the payment of the upfront fee.
At the assignment stage, MTN offered $15,900,00 and was assigned slot one, while the indigenous firm – Mafab offered $11,120,000 and was awarded slot two at no extra cost.
The first slot (spectrum) is 3500-3600mhz while the second slot is 3700-3800mhz.
The two winners are expected to pay at the prevailing exchange rate by February 24, 2022.