President Muhammadu Buhari has disclosed that the Federal Government made $547 million from the sale of Fifth Generation (5G) spectrum to MTN Nigeria and Mafab Communications.
Ripples Nigeria had reported that MTN Nigeria, Mafab Communications, and Airtel had bid for 5G 3.5GHz band spectrum in December 2021, with a reserve price set at $197.4 million.
However, an intense auction among the three companies that lasted 11 rounds drove the price to $273.6 million for each 5G license.
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