70MHz spectrum buyer to pay N19bn for license, NCC says

The Nigerian Communications Commission (NCC) says the company that won the 70MHz spectrum would pay N19 billion ($96m) for its licence. Tony Ojobo, the NCC’s Public Affairs Director who stated this in a statement at the weekend, said the bid process produced only one qualified bidder who expressed interest to bid for only six lots […]

The Nigerian Communications Commission (NCC) says the company that won the 70MHz spectrum would pay N19 billion ($96m) for its licence.
Tony Ojobo, the NCC’s Public Affairs Director who stated this in a statement at the weekend, said the bid process produced only one qualified bidder who expressed interest to bid for only six lots out of the 14 lots on offer.
“Therefore, the need for an auction event no longer arose as the IM, stated that “If the aggregate demand from Approved Bidders is less than, or equal to the number of lots on offer, the Commission will provisionally award the license to the party/parties at the reserve price.
“Consequently, the Commission is currently undertaking a due diligence with a view to issuing a letter of award of license for the cumulative 30MHz in the 2.6GHz Frequency. “Upon approval, the Qualified Bidder will be required to pay a total US$96,000,000) for the license.”