A telecommunications giant, Airtel Nigeria, has emerged as the qualified bidder for the 3.5Ghz spectrum auction being overseen by Nigerian Communications Commission (NCC).
This is following the failure of the other participant in the proposed auction to pay the Intention to Bid Deposit (IBD) as stipulated in the Information Memorandum (IM) issued by NCC.
Recall that the Commission had stated in the Information Memorandum that applicants are to forward their Intention to Bid into the designated account on/before 5pm on the 5th of December 2022.
Airtel Networks Limited (Airtel) and Standard Network & Connections Limited (Standard Network) are the only two companies who expressed interest in the auction of the 3.5GHz Spectrum band.
In a press statement, the Commission noted that, “only Airtel paid the Intention to Bid Deposit (IBD) as stipulated in the Information Memorandum (IM) whereas, Standard Network sent an email appeal for the deadline to be extended by twelve (12) working days which was not acceptable in view of the auction timetable.
“Having met all the provision in the IM, Airtel has, therefore, emerged as the sole Bidder.
“Consequently, there shall be no further bidding and the Commission will proceed to the Assignment Stage in line with the published Information Memorandum guiding the licensing process,” the Commission emphasized.
The Reserve Price for the spectrum has however been fixed at Two Hundred and Seventy-Three Million and Six Hundred Thousand United States Dollars only (US$273,600,000.00) or its equivalent in Naira at the prevailing Central Bank of Nigeria (CBN) rates at the time of the auction.