The first round of the ongoing 5G Spectrum license auction, which started at 12.58 pm today, in Abuja opened with the bid price of $199,347,000, up from the reserved price of $197.4 million. The three bidders were given 20 minutes to indicate their agreement with the current bid price or reject the price or indicate a much higher price.
At the end of the first round which closed at 1.19 pm, all the three bidders agreed to pay the current offer of $199.347 million. The bidders have now gone into the second, which would surely increase the price from $199.347 million.
The auction started with a brief ceremony where 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
In his address Pantami traced the journey from 2019 when 5G technologies was tested in Lagos, Abuja and some other cities in Nigeria and found to be suitable and desirable in Nigeria. He also reminded the audience a followed up study that showed 5G had not health hazards
He expressed optimism that by 2022 Nigeria will have the largest 5G coverage in Africa. He is also of the opinion that 5G could solve some of the security challenges in the country, since the technology provides real time services and platforms.
Pantami also noted that 5G will go a long way in promoting the economic development of Nigeria, because digital technology is a key enabler of other sectors, especially the financial sector.
All three companies, MTN Nigeria, Airtel Nigeria and Mofab Communications that expressed desire to participate at the auction, having paid the 10 per cent of the reserved price are participating at the auction that kicked off after a brief ceremony chaired by the Minister of Communications and Digital Economy, Professor
The Chairman of NCC Board of Directors, Professor Adeolu Akande said the purpose of the 3.5 Ghz Spectrum auction was to support the deployment of 5G technology in Nigeria, for the benefits of Nigerians.
On Friday, December 10, the Nigerian Communications Commission (NCC) successfully carried out a mock session for the 3.5 gigahertz (GHz) spectrum auction for the deployment of the Fifth Generation (5G) network in the country in preparation for the actual auction.
The conduct of the simulation exercise was in line with the requirements stipulated in the Information Memorandum (IM) for 3.5 GHz spectrum auction. The IM is a document that defines the process for the licensing of the 3.5 GHz spectrum band, earlier published on the Commission’s website at the inception of the auction process.
