Nigeria gets N55. 4m as Swift Network, Cobranet win spectrum licenses

The Nigerian Communications Commission (NCC) has got N55.4 million from the sale of two slots of 5.4GHz spectrum auctioned yesterday in Abuja.

After a tough bidding process, which lasted for over eight hours, two firms, 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.

Six firms, which include Steam Broadcasting, Juniper Solutions, Swift Networks, Cobranet, Tizeti Network, E-Kennet and Steam Broadcasting bid for the spectrum.

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).