MTN pays $96m for frequency spectrum
Everest Amaefule, Abuja
The Nigerian Communications Commission has confirmed the payment of $96m by MTN Nigeria Communications Limited for the 2.6GHz frequency spectrum won by the company in May.
In a notice on Monday, the Executive Vice-Chairman, NCC, Prof. Umar Danbatta, said the regulatory agency had awarded the spectrum to MTN after it met the obligation of the payment for the frequency.
Danbatta said, “The NCC, on behalf of the Federal Government of Nigeria, hereby informs stakeholders that MTN Nigeria Communications Limited, who emerged the sole preferred bidder in the licensing process for the 2.6 GHz spectrum, and therefore issued a letter of provisional award provisioned on the payment of specified fees for the spectrum, has made the payment.
“In line with the provisions of the information memorandum guiding the auction process, having paid the fees specified for 2 x 30 MHz in the 2.6 GHz spectrum, MTN Nigeria Communications Limited has been awarded the licence.”
The commission had set a reserve price of $16m for a slot of the frequency spectrum. One lot or slot of the frequency is made up of two portions of 5MHz.
It also proposed to hold a mock auction for the licensing process on May 16 in Abuja. Applicants were expected to submit all bidding documents by April 29, while the main auction was to hold between May 17 and 19. None of the auctions held.
Industry sources had told our correspondent that investors might have shunned the proposed sale of the frequency based on the perceived high reserved price of $16m per slot, while others said new investors as well as existing ones would be cautious because of the paucity of foreign exchange they needed for equipment.
Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: editor@punchng.com
The post MTN pays $96m for frequency spectrum appeared first on Punch Newspapers.
from Punch Newspapers http://ift.tt/28ZhG9n
No comments:
Comment Policy
We’re eager to see your comment. However, Please Keep in mind that all comments are moderated manually by our human reviewers according to our comment policy, and all the links are nofollow. Using Keywords in the name field area is forbidden. Let’s enjoy a personal and evocative conversation.