NCC Unveils 5G Spectrum Auction Date, Reserve Price | DETAILS
Faith Ukanwa
Nov 05, 2021
The Nigerian Communications Commission (NCC), have unveiled a date to auction the Fifth Generation (5G) Spectrum.
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According to the Commission, the 3.5GHz 5G Spectrum will be auctioned at a reserve price of $197.4m on Monday, December 13, 2021.
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A reserve price is the lowest sum a seller is willing to accept as the winning bid. As a result, it prevents a bidder from winning the auction by offering a lower price than the owner would accept throughout the bidding process
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The NCC is the Independent Regulatory Authority in charge of the telecoms industry in Nigeria.
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Announcing the date and price during a stakeholders' consultative conference in Lagos, the Director, Spectrum Administration, NCC, Oluwatoyin Asaju, added that the Commission will first perform a mock auction on Friday, December 10, 2021.
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"A reserve price of roughly N75 billion (seventy-five billion) naira, which is equivalent to US$ 197,4 million, is to be used."
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"In keeping with the last auction, an Initial Bid Deposit (IBD) of 10 per cent of the reserve price is adopted."
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"In addition to existing licensees, new entrants are allowed to participate in the auction".
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"Licensees who have gained Management's approval for a payment plan and have outstanding debts will be eligible to participate" Asaju stated.
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He added that the ascending clock auction process will be used and the auction would be software-based. However, arrangements have been made for a manual sale if the auction software fails during the process.
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— Faith Ukanwa