Consistent with its regulatory principle of open and transparent auction, the Nigerian Communications Commission, NCC, has announced that three telecoms companies have qualified as approved bidders of the forthcoming 3.5 gigahertz (Ghz) spectrum auction for the deployment of Fifth generation (5G) networks in the country.
The qualified bidders that have met the criteria for participation in the licensing process of 3.5Ghz spectrum, including payment of the stipulated Intention to Bid Deposit (IBD) as outlined in the Information Memorandum (IM), are MTN Nigeria Plc.
The commission had fixed the reserve price for the 3.5GHz spectrum auction at $197.4 million (75 billion) Naira.
A reserve price is a minimum amount that a seller will accept as the winning bid. In bidding process, it prevents a bidder who offers a price lower than what the owner will accept from winning the auction.
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