Natcom Development and Investment Limited (NTEL) and MTN Nigeria have agreed to a spectrum deal worth N4.25 billion, according to a statement released to Nigerian Exchange Limited (NGX) on Tuesday.
The details of the transaction indicate that MTN paid for the lease of NTEL’s 5MHz and 10MHz Frequency Division Duplex (FDD) in the 900MHz and 1800MHz spectrum bands, respectively, covering a total of 19 states.
The statement also revealed that MTN will have access to the spectrum for two years, starting from May 1, 2023 and that the cost of the transaction includes taxes, regulatory fees, and other ancillary charges.
The agreement will allow MTN to improve its 3G and 4G network coverage, and the company has confirmed that the Nigerian Communications Commission (NCC) has approved the lease of the spectrum. By broadening its spectrum holdings, MTN aims to enhance its users’ coverage and capacity.