The winners of the two slots of the 3.5GHz Spectrum auction for the deployment of Fifth Generation (5G) technology, MTN Nigeria and Mafab Communications, are yet to pay the $273 million each for the slots.
It is already one month after the Nigerian Communications Commission (NCC) announced MTN Nigeria and Mafab Communications as winners of the bids at the 11th round on December 13, 2021.
The NCC announced at the weekend that both companies risked forfeiture of the $7.5 million they each paid as deposits for the auction as contained in the Information Memorandum (IM) on the matter.
“MTN Nigeria and Mafab Communications, both know the consequences of not meeting the February 24, 2022 deadline set for the payment of the $273 million.
“It is clearly stated in the Information Memorandum. It is a legal document that is binding on all the entities involved in the deal,” a statement in Abuja by NCC’s Director of Public Affairs, Dr. Ikechukwu Adinde, said.
Speaking with our correspondent, Adinde said the winners have not paid the $273 million each. He added that they have up till February 24 to do so or risk forfeiture of the $7.5 million they each deposited for the 5G Spectrum.
