One of the three bidders has dropped out of the bidding processes as the 5G spectrum reached $275,904,886.25 at round 11.
The process, which has entered the next stage, is taking place at the Transcorp Hilton Hotel, Abuja, with the Nigerian Communications Commission using the ascending clock auction system.
Three qualified bidders, MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd, entered the race for the 3.5 GHz spectrum in a software-based auction exercise.
The reserve price per lot was initially set at $197,400,00 but was raised to $199,374,000 by the auction manager at the beginning of the first round.
With the drop out of the yet-to-be-announced bidder, the two remaining bidders have moved to the assignment stage — where the two winners will bid for the spectrum they prefer.
The company that bids the highest will pick their preferred spectrum, while the other will take the other one.
In the first round of the auction, the current price per lot stood at $199,374,000 from the reserve price of $197,400,00.
In the second round, the price rose to $1,993,740, reaching $201,367,740, and increased to $204,388,256.10 in the third round.
It rose to $209,497,962.50 at the fourth round, the fifth round at $215,782,901.38, the sixth round at $224,414,217.43, while that of the seventh round stood at $231,146,643.96.
The price for the eight-round stood at $240,392,509,71, while round nine stood at $252,210,172.65.
For the 10th round, the price per lot stood at $263,017,050,77, while the price per lot for the 11th and last round of bidding stood at 275,904,886.25.
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