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MTN Wins First 5G License in Nigeria

  • MTN Nigeria to pay $273.6 million for the license by Feb. 24
  • Nigerian-owned Mafab Communications wins second license
Updated on

MTN Group Ltd.’s Nigerian unit has been awarded a 5G license in Africa’s most populous country, paving the way for the continent’s largest wireless carrier to supply faster internet to consumers and businesses.

MTN Nigeria Communications Plc won one of the two licenses offered at the auction on Monday, according to the Nigerian Communications Commission. The second was granted to Mafab Communications Ltd., beating Bharti Airtel Ltd.’s  Africa unit to it. The winning bid price was $273.6 million, $76.2 million above the $197.4 million reserve price set before the auction.