Airtel Nigeria has joined MTN Nigeria and Mafab as the telecom giant officially launched services riding on the fifth generation (5G) technology in Lagos, Ogun, Rivers and the FCT.
The launch brings to three the total number of operators offering services on the technology which promises to deliver super-fast data services and redefine services in other sectors of the economy including medicine, agric, and others.
MTN Nigeria pioneered the launch of the service which was followed by Mafab Communications.
Chief Commercial Officer at Airtel Nigeria, Femi Oshinlaja, said 5G services will be available in four major cities of Abuja, the Federal Capital Territory, Lagos, Ogun and Rivers States, adding that services would be extended to other parts of the country subsequently.
Airtel Nigeria, acquired the fourth-generation (4G) and fifth-generation (5G) spectrums from the Nigerian Communications Commission (NCC) for a cumulative price of $316.7 million in January 2023.
The telco purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the NCC for a gross consideration of $316.7 million, “payable in local currency”.
Chief Executive Officer (CEO), Airtel Africa, Segun Ogunsanya, said Nigeria is a market with enormous potential for future growth in mobile services.
He said investment in new technologies and local infrastructure to enable “this growth is a strategic priority for the group and will ensure we are able to provide reliable and affordable services to local communities across the country”.
In 2021, Airtel dropped out of the bidding process for 5G deployment while MTN and Mafab Communications emerged as winners of the 5G spectrum auction.
However, in October 2022, the NCC put up another two slots in the 3.5GHz spectrum band for auction, to boost deployment of 5G services in Nigeria.
NCC, in December 2022, confirmed Airtel as the sole bidder of the 5G licence after a payment of $27.36 million as an intention-to-bid deposit (IBD).
In December 2021, after 11 rounds of bidding that lasted for eight hours, Mafab and MTN Nigeria emerged as the two successful winners of the 3,5gigahertz (GHz) spectrum auction for the deployment of 5G technology in Nigeria.
Equity market opens week positive, gains N7bn
Local equity market Monday opened on a positive note; gaining N7 billion amid investors profit taking activities.
Market capitalisation of listed equities increased by 0.02 per cent to N32.133 trillion from N32.126 trillion reported the previous day.
The NGX All Share Index also appreciated by 13.89 basis points to 59014.85 points from 59000.96 points it closed on Friday.
Activities in the market were boosted by selloff in the shares of Jaiz Bank, Sterling Bank, GTCO Plc, UBA and others.
A review of the investment during the day showed that Tantalizer and Universal insurance led gainers table during the day, gaining 10 per cent each to close at N0.22 per cent and N0.22 per cent respectively. Unuty Bank followed with a gain of 9.80 per cent to close at N1.12 per share, Mutual Benefits Assurance added 9.76 per cent to close at N0.45 per unit, FTN cocoa increased by 9.63 per cent to close at N1.48 per share.
On the contrary EllahLakes recorded the highest loss during the day with a drop of 10 per cent to close at N1.04 per share, JohnHolt trailed with a loss of 9.57 per cent to close at N1.80 per shares, Omatek and Regal insurance fell by 7.14 per cent each to close at N0.26 and N0.39 per share respectively.
Volume of trades increased by 270.538 million, representing 43.47 per cent as Investors traded 892.954 million shares valued at N11.147 million in 9274 deals against 622.416 million shares valued at N6.510 billion in 9417 deals.
Transactions in the shares of Jaiz Bank led activity during the day with 139.891 million shares valued at N244.317 million, Sterling Bank followed with 105.543 million shares worth N311.106 million, Universal insurance traded 95.115 million shares cost N19.253 million, GTCO Plc
