" ITREALMS: 3.5Ghz auction @6th round with$224,414,217.43 bid - ITREALMS


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Monday, December 13, 2021

3.5Ghz auction @6th round with$224,414,217.43 bid - ITREALMS

The sixth round kicked off with $224,414,217.43 per slot with the three bidders still in the race, reports ITREALMS.

The three bidders for the ongoing 3.5 GHz Spectrum auction by the Nigerian Communications Commission (NCC) raised bid to $215,782,901.38 during the 5th round.

The fourth round ITREALMS recalled commenced with $209,497,962.50 at the auction holding at the Transcorp Hilton Abuja.

This also followed the conclusion of the third rounds of the exercise with all the three bidders closing on $204,388,256.10.

ITREALMS recalls that the first round of the ongoing 5G Spectrum license auction, commenced precisely by 12.58 pm on Monday at the Transcorp Hilton in Abuja with the opening bid price of $199,347,000, up from the reserved price of $197.4 million.

ITREALMS also gathered that earlier the three bidders were given 20 minutes to indicate their agreement with the current bid price, reject the price or indicate a much higher price.

Noteworthy is that at the end of the first round all the three bidders agreed to pay the current offer of $199.347 million.

This bidding prince has since gone up into the second and now the third price of $204,388,256.10.

ITREALMS reports that the auction commenced with  a brief ceremony with some remarks by 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.

Representatives of the three bidding firms includes Alhaji Musibau Bashiru the chairman of Mafab Telecom, MTN by the Chief Executive Officer, Mr Karl Toriola and Airtel by the Chief Finance Officer (CFO) Mr. Sreedhar Krishna Menon.

In this bidding NCC is using the clock option system which enables increment at every stage of the round until the final striking bid.

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