The second round of the 5G Spectrum auction bid which opened at 1.40 pm ended a price of $201,367,740 million, up from the $199,347,000 that the first round closed at.
All the three bidders went into the second round. At the end of the second round all three bidders agreed to pay the $201.367,740 that was on offer, qualifying them to go into the into the third round.
The first round which started at 12.58 pm, ended with a bid price of $199,347,000, up from the reserved bid price of $197.4 million. At the end of the first round all the three companies accepted to pay the current price on offer.
An official of the Nigerian Communications Commission ( NCC), Dr Shafi Ndanusa Assistant Director, Administration said the auction manager decides what the price would be at every stage of the bid, using the ascending clock auction system. He adds a certain percentage of between 1 and 2.5 per cent to the previously accepted price by the bidders, the price that would be on offer for the following round.
So, when the bid opened at round one the auction manager added about 1 % to the reserved price of $197.4 million which brought the price on offer for the first round to $199.347 million. The three bidders were asked to agree to that price or reject. When the three bidders accepted the price of $199.347 million the auction, as determined by the auction manager, they were now qualified to go into the second round.
The second round opened at $201,367.740 following an addition of a fraction into the price the bid ended at in round one, which was $199.4 million.
Following the agreement of the three bidders to pay the current price of $201, 367, 740 the auction manager would add another minimal amount to $201,367,740, at which the third round would go for.
The first round opened at 12.59 pm and closed at 1.19 pm, all the three bidders agreed to pay the current offer of $199.347 million. The bidders have no gone
The auction started with a brief ceremony where 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
In his address Pantami traced the journey from 2019 when 5G technologies was tested in Lagos, Abuja and some other cities in Nigeria and found to be suitable and desirable in Nigeria. He also reminded the audience a followed up study that showed 5G had not health hazards
He expressed optimism that by 2022 Nigeria will have the largest 5G coverage in Africa. He is also of the opinion that 5G could solve some of the security challenges in the country, since the technology provides real time services and platforms.
Pantami also noted that 5G will go a long way in promoting the economic development of Nigeria, because digital technology is a key enabler of other sectors, especially the financial sector.
All three companies, MTN Nigeria, Airtel Nigeria and Mofab Communications that expressed desire to participate at the auction, having paid the 10 per cent of the reserved price are participating at the auction that kicked off after a brief ceremony chaired by the Minister of Communications and Digital Economy, Professor Pantami
