Breaking: NCC Finally Reveals When 5G Spectrum Auction Will Hold, Pegs Reserve Price at $197.4mPAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Lagos- The Nigerian Communications Commission (NCC), says the upcoming spectrum auction for 5G services will hold on Monday, December 13, 2021. Legit.ng reports that the director of spectrum administration at NCC, Oluwatoyin Asaju, announced this on Thursday, November 4, at a stakeholders’ consultative forum in Lagos. The commission had fixed the reserve price for the 3.5GHz spectrum auction at $197.4 million. A reserve price is a minimum amount that a seller will accept as the winning bid. In bidding process, it prevents a bidder who offers a price lower than what the owner will accept from winning the auction. Recommended for you Supreme Court vs FG: Strike looms as NLC issues fresh ultimatum to FG, Buha... Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! Asaju said the commission would first hold a mock auction on Friday, December 10, 2021. He said: Asaju noted that the ascending clock auction process will be used. He added that the auction will be software-based, adding that provisions have been made for the manual auction should the auction software fail during the auction process. On eligibility criteria for network operators, Asaju said only licensees with 100 percent regulatory compliance would be allowed to participate in the auction. Recommended for you Kirikiri inmate gets access to phone, threatens innocent people, Osinbajo’s... Asaju affirmed thus: According to the NCC, the stakeholder engagement forum is an important regulatory prerequisite for the planned auction of the 3.5Ghz spectrum, which is necessary for the rollout of the 5G network in Nigeria. Meanwhile, Legit.ng had earlier reported that the data war in the last two months have two losers, and that's MTN Nigeria and 9mobile, as both telecommunication companies lost 1.37 million internet users between July and August. Despite the loss, industry report shows that the number of data subscribers increased by 0.34%, rising from 139.38 million users to 139.87 million customers between two months. Recommended for you Delta PDP guber candidate, Sheriff Oborevwori escapes assassination Analysis of the data market base shows that Globacom has been gaining ground against the industry leader, MTN Nigeria, gaining the highest subscribers for the period under review. In another report, MTN Nigeria Communications Plc (MTN Nigeria) has announced its unaudited results for the nine months ended 30 September 2021. According to the document published on the website of the Nigerian Exchange, the telecom giant continues with strong earnings recorded in the 1st and 2nd quarter of this year where it posted N385.3 billion and N405.9 billion respectively which comes to N1.2 trillion (January to September). To put MTN impressive result in context, the revenue posted implies that monthly the company makes N133 billion from Nigerians. Source: Legit.ng The Nigerian Communications Commission announced recently, that the 5G spectrum auction will hold by December 13, 2021 The director of spectrum administration at , Oluwatoyin Asaju made this disclosure on Thursday, November 4 Meanwhile, the commission has pegged the reserve price for the 3.5GHz spectrum auction at the sum of $197.4 million PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Legit.ng Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng! Legit.ng “A reserve price of approximately N75 billion (Seventy-Five Billion) Naira only, equivalent to One Hundred and Ninety-Seven Million and Four Hundred Thousand United States Dollars only (USS 197,400,000.00) is to be used,” Asaju said. “An Initial Bid Deposit (IBD) equal to 10% of the reserve price is adopted in line with the previous auction.” “New entrants are allowed to participate in the auction in addition to existing licensees,” he added. “Licensees with outstanding debts that have secured Management’s approval for a payment plan will be allowed to participate.”