MTN tells NGX, investors, 3.5GHz licence acquisition to aid 5G rollout in Nigeria
MTN Nigeria, the country’s leading telecommunications network, acquired a 1000 megahertz spectrum licence in the just concluded 3.5GHz spectrum band auction conducted by the Nigerian Communications Commission (NCC). The acquisition will enable the network in the rollout of 5G network services to Nigerians, MTN Nigeria told the Nigerian Exchange in a regulatory disclosure filed.
According to the disclosure, the acquisition is a significant step towards achieving the nation’s goals under the Nigerian National Broadband Plan 2020-25.
The 5G (Fifth Generation) mobile network technology offers faster data speeds, lower latency and faster connection of several devices at a go and makes possible the vast possibilities in innovation and transformation.
The technology, which has become a major force and attention grabber for some wireless carriers across the continent and the world at large, will enable seamless communication and interconnectivity between smart devices using a common process identified as the internet of things (IoT) as it has the potential to accelerate the digital transformation of several industries.
Karl Toriola, the chief executive of MTN Nigeria, in his comments on the successful acquisition said, “5G is the future of network technology and offers incredible possibilities for new and enhanced services for our customers. Our successful bid presents an opportunity to be at the forefront of delivering these technological advancements to as many Nigerians as possible. The benefits of 5G are multi-faceted, and they hold the key to unlocking new avenues for the nation’s growth and development.”
Toriola said that the technology is far more than high-speed internet or faster-streaming speeds, adding that 5G has implications for improved service delivery across every sector.
“It has the potential to transform our nation’s economy and make a difference in the daily lives of every Nigerian. We thank the NCC for organising a transparent auction which will transport us into the ‘tomorrow we desire,” he said.
However, the auction comes at a time when the leading wireless carrier in Africa is about to bring to a close the Group’s ongoing share sales in MTN Nigeria on the local bourse, which is scheduled to close today as its South African parent company embarks on a sell-down process in its Nigerian subsidiary.