Currently, in the 10th round, the auction price for the 5G network has risen to $ 263.1 million, with none of the three bidders, MTN Nigeria, Airtel and Mafab Communications, willing to back down. The booked price, which is the entry price, was $ 197.4 million.
The Nigerian Communications Commission (NCC), which is hosting the auction, is offering two 100 MHz lots in the 3.5 GHz spectrum. The auction process, which began on Monday, December 13 at around 11:30 a.m., is still continuing at the Transcorp Hilton hotel in Abuja, as the three bidders continue to argue.
The ascending clock auction system is adopted by the Commission, where the auction manager increases the auction price at each auction round, allowing the law of supply and demand.
During the first round, 20 minutes were allocated to the 3.5 GHz frequency band for the tender process for the deployment of 5G with the players, MTN, Airtel, Mafab were in competition. The offer price was $ 199,374,000. In the second round, the lot’s price rose to $ 201,367,740. In Round 3, which also lasted 20 minutes, the price was increased to $ 204,388,356.1.
In Round 4, with all players still in the race, the lot price rose to $ 209,407,962.50 and the process took 20 minutes. For Round 5, the lot price has increased to $ 215,782,901.30. In Round 6, the lot’s price rose to $ 224,414,217.43.
Round 7 saw the lot climb to $ 231,146,643.96 and lasted 10 minutes. Round 8, which lasted about four minutes, saw the lot increase to $ 240,392,597.3, while Round 9 climbed to $ 251,210, 172.65.
The auction manager is the director of spectrum administration at the Nigerian Communications Commission (NCC), Oluwatoyin Asaju. The auction is overseen by the NCC and is currently taking place at the Transcorp Hilton Hotel, Abuja, using the ascending clock format.
Eligible bidders have 20 minutes to submit their bids.
Earlier, Minister of Communications and Digital Economy Professor Isa Pantami announced the auction of 3.5 GHz spectrum in Abuja around 11 a.m. today.
The auction began after a brief ceremony in which Pantami, Chairman of the Board of the NCC, Prof. Adeolu Akande and Executive Vice-Chairman of the NCC, Prof. Umar Danbatta, addressed the participants and to observers on the imperative of the spectrum auction.
In his remarks, Pantami retraced the course from 2019, when 5G technology was tested in Lagos, Abuja and other cities in Nigeria and proved to be appropriate and desirable for the country. He also reminded the public that the test was also followed by an investigation into claims that the technology posed health hazards. He said the result of the investigation showed that 5G technology poses no health risk.
He expressed optimism that by 2022 Nigeria will have the largest 5G coverage in Africa. He also believes that 5G could solve, among other things, some of the security challenges in the country, since the technology provides services and platforms in real time.