Business
5G: NCC, telcomm firms disagree on 3.5GHz spectrum price, duration
The Nigerian Communications Commission has released a draft information memorandum for 3.5GHz spectrum auction to facilitate the 5G roll-out in 2022 across the country.
The NCC had fixed December 13, 2021 for the 3.5GHz spectrum auction and had pegged the reserve price at $197.4 million (N75 billion).
But telecoms operators, including GSM Association (GSMA), have disagreed with the reserve price and called for a downward review to enable more operators participate in the 3.5GHz auction process.
The NCC at a stakeholders’ consultative forum, held in Lagos on Thursday, presented the positions of the operators and the GSMA, which they had earlier submitted to the commission.
The stakeholders’ consultative forum, which was organised by the NCC further discussed the reserve price, among other issues such as longevity of the spectrum licence, the auction process, the requirements and rollout obligations.
While the NCC was considering a 10-year period for the duration of the spectrum, the operators want the NCC to extend it to 20 years, to enable winners of the spectrum to have enough roll-out time to utilise the spectrum in offering telecoms services to subscribers.
Reacting to the N75 billion reserve price, telecoms operators such as MTN, Airtel, Huawei and Intelsat called on the NCC to consider the current exchange rate in pegging the reserve price.
They argued that if the reserve price remained high, it would discourage operators from participating in the auction process.
The Director, Spectrum Administration at NCC, Oluwatoyin Asaju, who presented the draft IM for the 3.5GHz spectrum auction at the stakeholders’ consultative forum said: “The IM provides guidance and process that the commission has decided to adopt for the licensing of the 3.5 GHz band, including details of the spectrum to be made available, the pre-qualification process and the auction process.”
According to him, the 3.5GHz spectrum would come in five lots of 100 MHz each, to be cleared at different periods depending on the level of encumbrances on the slots.
He, however, said for the purpose of the auction, only two lots of 100 MHz each would be offered in the first phase of the auction, while the remaining three lots would be auctioned some other time.
For the auction process, Asaju explained that it would be Ascending Clock Auction (ACA), while the auction would be software based.
He said provisions had been made for manual auction should the auction software fail during the auction process, adding that there would be a mock auction that would precede the main auction on December 13.
“A reserve price of approximately N75 billion, equivalent to $197,400,000.00, will to be used. An Initial Bid Deposit (IBD) equal to 10 per cent of the reserve price is adopted in line with the previous auction.
“New entrants are allowed to participate in the auction in addition to existing licensees and only licensees with 100 per cent regulatory compliance will be allowed to participate in the auction.
“The auction comes with a 10-year spectrum licence and a minimum requirement of a UASL Operational Licence. New entrants or licensees without a UASL will be required to additionally obtain a UASL Operational Licence,” Asaju said.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
READ ALSO:
- Nigeria denies alleged plot to destabilise Niger Republic
- Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
- Troops arrest four Ambazonian rebels in Taraba
Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
READ ALSO:
- Like Ibadan, stampede claim 10 lives for Abuja Catholic church, 17 in Anambra
- Marketers react after NNPCL slashes petrol price to N899 per litre
- Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG
The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
READ ALSO:
- Badenoch’s negative portrayal of Nigeria Police unfair-PCRC
- Bitcoin price crashes to $95,000 as market continues to react to Federal rate cuts
- Bauchi high court dismisses blasphemy, cybercrime charges against Rhoda Jatau
All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
-
Railway1 day agoLagos Rail Mass Transit part of FG free train ride – NRC
-
metro12 hours agoWhy we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
-
metro2 days agoCourt stops customs from seizing imported rice in open market
-
metro3 days agoIbadan stampede: Tinubu orders probe as death toll hits 40
-
metro2 days agoIbadan stampede: Ooni reacts after arrest of ex-wife
-
metro1 day agoNIMC warns against extortion, reaffirms free NIN enrollment
-
metro2 days agoAfe Babalola: Court grants Dele Farotimi bail, barred from media interviews
-
News3 days agoAdebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024