Monday, October 20, 2025
24.1 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

NCC Debunks Allegation of Extending 5G Deadline When Only MTN Submitted Bid

The Nigerian Communications Commission (NCC), in the course its routine media review, became aware of the front-page headline of the BusinessDay newspaper of Thursday, December 2, 2021 with the title “How NCC moved 5G deadline after only MTN submitted bid.”
The publication alleged that “the Commission was forced to move the November 24 deadline for the submission of the bid and payment of the ten percent fee of $20 million after it emerged that only MTN Nigeria had complied with the requirement.”
It is pertinent to state that the Nigerian Communications Commission maintains an unimpeachable record and reputation based on precedents of open and transparent spectrum auctions over the years, which had earned it both local and international recognition.
For proper guidance of our stakeholders and the general public, it should be recalled that as part of the regulatory processes leading to the auction of the 3.5GHz spectrum, the Commission had carried out the following activities:
▪ October 7, 2021, the Commission exposed the Draft Information Memorandum (IM) on the auction of the 5G spectrum on its website (www.ncc.gov.ng) and issued a public notice in major media channels, including print, electronic and broadcast media. Comments on the draft IM were received by the Commission up until October 28, 2021.

▪ On November 3, 2021, the Commission held a stakeholders’ engagement forum in Lagos at which comments received from a broad segment of stakeholders, including the major operators were exhaustively discussed and considered.

▪ On November 10, 2021, the Commission published the Final IM, and Stakeholders’ comments thereon on its website and national dailies, and set the deadline for the submission of bids on Wednesday, November 24, 2021.

▪ On November 23, 2021, just a day before the deadline for the submission of bids, Air Traffic Controllers went on strike, disrupting flights operations in Lagos.

▪ As a responsive regulator, and following concerns expressed by industry stakeholders and potential bidders for the 5G Spectrum, including MTN, about the possibility of meeting the deadline in light of the flight disruptions, the Commission, relying on the provision of the IM, announced an extension of the deadline from Wednesday, November 24, 2021 to Monday, November 29, 2021.

▪ Indeed, on November 23, 2021, MTN had communicated to the Commission via email, asserting its concerns about the air traffic controllers’ strike and how it is likely to impede timely submission of their bid.

▪ On December 1, 2021, the Commission announced that at the close of the bid submission date of November 29, 2021, three companies, namely MTN Nigeria, Mafab Communications Ltd and Airtel Networks Ltd had successfully submitted their bids in line with the requirements of the IM.

▪ The public must also be aware that all three bidders are existing licensees of the Commission under different license categories.

The Commission would like to state that the Business Day story is replete with misinformation, which is capable of misleading industry stakeholders, the general public and undermining the integrity of the ongoing process for the auction of the 5G spectrum.
For instance, the publication alleged that Mafab Communications is a relatively unknown operator in the industry, suggesting that it was not eligible to bid for the spectrum. The IM has clearly stipulated that new entrants into the industry can participate in the bid and if they are successful, the Commission will issue the entity an operating license in line with the extant provisions of the Nigerian Communications Act (NCA) 2003 and its licensing regulations.
The Commission is consistently guided by its well-established principles of fairness, firmness and forthrightness and wishes to assure Nigerians that it is determined to ensure the successful implementation of the 5G Auction spectrum, which is set to take place on December 13, 2021.

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

NAICOM: NIIRA 2025 Represents a New Era for Insurance Business in Nigeria

The National Insurance Commission (NAICOM) has expressed its profound...

Leadway Assurance Mobile Office to Deepen Penetration

Leadway Assurance Company Limited has launched its mobile office...

NCC: ‘We’re Implementing Requisite Reforms to Strengthen Telecoms Sector’

L-R: Lagos Zonal Controller, Nigerian Communications Commission (NCC), Henry Ojiokpota;...

NSE Promotes Cyber-security Awareness in Capital Market

Consistent with its commitment to providing an efficient and...

Ecobank Reports PBT of $90m on $393m Revenue, Rise in Digital Channel Adoption 

    Business Highlights (Q1(2020) Recorded significant increases in customer adoption...

Sub-saharan Africa, Most Expensive Region for Remittance

Sub-saharan Africa is the most expensive region for sending money inform of remittance from other parts of the world, according to the latest report by the World Bank Group. The report listed South Asia as the least expensive. The World Bank said over $62.5 billion has so far been saved for migrants who send money home to their families in an initiative began in 2005 by the Bank and the international community to reduce the cost of sending money home. Each quarter the World Bank publishes data on how much it costs to send money home.

Nigeria’s Advertising Industry Valued at ₦605.2bn- PwC Report

A new report commissioned by the Advertising Regulatory Council...

Winners Emerge at Sovereign Trust Insurance Table Tennis Tourney

The Grand Finale of our eponymous Table Tennis Tournament...
Exit mobile version