According to the telco regulatory agency, Glo was left out because it didn’t meet its criteria for the licensing process for the 3.5 gigahertz spectrum which is required for 5G deployment.

NCC, in a statement, said only three qualified bidders met its criteria, and they paid at least $19.74 million each in order to qualify.

“The qualified bidders that have met the criteria for participation in the licensing process of 3.5Ghz spectrum, including payment of the stipulated Intention to Bid Deposit as outlined in the Information Memorandum, are MTN Nigeria Plc, Mafab Communications Limited, and Airtel Networks Limited,” the statement read partly.

According to the document released by the Federal Government, “Applicants must transfer an IBD corresponding to a lot into the designated account in cleared funds not later than 17.00 hours West African Time on November 24, 2021.

“A bank guarantee, or similar instruments, will not be acceptable. This deposit will bind the applicant to take up a licence, should it be a successful bidder, at the reserve price or any higher bid value submitted during the process.”

The commission pegged the IBD at 10 percent of the reserve price for the spectrum ($197.40 million).

NCC official, who spoke on condition of anonymity because he was not authorised to speak on the matter said Glo and 9mobile did not submit any application to partake in the process.

The commission said, “At the close of the bid submission date of November 29, 2021, three companies, namely MTN Nigeria, Mafab Communications Limited, and Airtel Networks Limited had successfully submitted their bids in line with the requirements of the IM.”

According to the NCC, only the three companies would participate in the main auction as well as in the mandatory mock auction process set to hold in December 2021.

In the IM, the commission had earlier disclosed that it was only offering two lots of 100 MHz TDD Spectrum in the 3.5 GHz band ranging from 3500 – 3600 MHz and 3700 – 3800 MHz for auction.

 This implies only two of the three companies would emerge with the capability to offer 5G services after the auction.

The post 5G Auction: Glo Missing As NCC Enrolls MTN And Airtel appeared first on Business News in Nigeria.

The N405.5 billion represents an increment to the N271.96 billion Dangote Cement recorded in the corresponding period of 2020.

Unmask NG understands that the cement company made this profit accomplishment in spite of how the raging COVID-19 pandemic disrupted the manufacturing sector.

For the period under review, while Dangote Cement recorded N1.02 trillion revenue, its group sales hit 22.2 million tonnes as the sales volume in Nigeria was 14.1 million tones.

In a statement in which this development was disclosed, Group Chief Executive Officer, Dangote Cement Plc, Michel Purchecos admitted that the company’s management is pleased to report its performance for the first nine months of the year.

His words: “Group volumes for the nine months were up 15.4% compared to the first nine months of 2020. Given the strong rebound in Q3 2020 following the impact of COVID-19 in the first half of the year, volumes in Q3 2021 were slightly lower than Q3 2020, as anticipated though worsened by heavier rains.

“However, the overall growth trend continues, supported by our ability to meet the strong market demand across all our countries of operation. The economic performance and efficiency initiatives across the group enabled the offsetting of inflationary pressures on some of our cost lines.

“Our Nigerian business recorded volume growth of 18.7% in the 9M 2021 at 14.1 metric tonnes and despite operating in a complex, challenging, and fast-moving environment, Dangote Cement is consistently delivering superior profitability and returns to the shareholders”

Meanwhile, Unmask NG understands that Dangote Cement and MTN Nigeria are the two reigning quoted companies on the Nigeria Stock Exchange (NSE).

While the cement company makes up 30% of the total market capitalisation of the bourse with over N4.76 trillion, MTN Nigeria is the second-highest in market value with over N3.542 trillion.

The post Despite COVID-19 Pandemic, Dangote Cement Makes N405.5bn Profit appeared first on Business News in Nigeria.

Having budgeted $1.5 billion as its capital investment for the year, the telco said it is necessary to cut down the budget to $1.1 billion.

Reason for cutting down the budget

According to the group, the decision to cut down its budget was to enable the preservation of cash and focus on the maintenance of its network, as the novel COVID-19 continues to ravage economies of the world.

‘It’s a surprise’

MTN’s decision to cut down its 2020 budget came as a surprise. This is because, in the first quarter of the year, the telco recorded significant growth in its earnings.

Within the first three months of the year, MTN Nigeria recorded N74 billion earnings from Nigerians, who splashed the money on purchasing data alone. This was a significant growth compared to the N46.4 billion Nigerians spent on MTN’s data in 2019 Q1. 

More so, MTN Nigeria earned N194 billion from its voice calls during the period under review. This is a climb when compared to the corresponding period of last year when the telco earned N182.4 billion.

The post MTN Cuts Down 2020 Budget Despite Significant Revenue Growth, Here’s Why appeared first on Business News in Nigeria.