Business Hilights

Tracking Nigeria's Headline Business News Online


NCC rakes in N55. 4m as Swift Network, Cobranet win 5.4GHz spectrum licenses

Ad 2
Ad 3

The Nigerian Communications Commission (NCC) has auctioned two slots of 5.4GHz spectrum to Swift Networks, Cobranet who were declared winners after a stiff round of bidding process.

The two winners are expected to pay N55.4 million within a given time or lose them to reserved bidders.

Swift Network and Cobranet emerged winners of the two slots by offering N27.659, 347.10k for the spectrum, which they are expected to use to deploy broadband services in Lagos State.

The reserved price for the spectrum was N18.43million but the bid kept increasing at every round.

Other four bidders that lost include Steam Broadcasting, Juniper Solutions, Tizeti Network, and E-Kennet.

While announcing the winners, NCC’s Executive Commissioner, Technical Standards, Ubale Maska, who presided over the bidding process said that the two successful companies have up to January 5, 2017 to pay N25, 784, 347.10, which is the balance of the winning amount excluding the amount paid earlier as Intention to Bid Deposit (IBD)

Experts say the winners are likely to rollout as soon as possible considering the new regulation which stipulates that winner will roll out within a given time or lose it.


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.