MTN Nigeria Communications Plc was authorized by the NCC to extend its initial 800MHz spectrum band licenseA corporate announcement on the NGX states that the renewal will begin on January 1 and run through December 31, 2034The NCC also approved the extension of MTN Nigeria’s second 800MHz spectrum band license set to expire on 31 December 2030
Henzodaily.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Nigerian Communications Commission has granted MTN Nigeria Communications Plc permission to extend its first 800MHz spectrum band license (Channel 1) for a further ten years, the company reported.
The extension will begin on January 1 and run until December 31, 2034. Photo Credit: MTN
Source: Getty Images
The renewal will take effect on January 1 and last until December 31, 2034, according to a corporate notice posted on the Nigeria Exchange Limited on Tuesday.
The second 800MHz spectrum band license (Channel 2) of MTN Nigeria, which was scheduled to expire on December 31, 2030, has also been extended by the NCC.
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Its tenure is extended by four years, bringing its expiration date closer to Channel 1’s on December 31, 2034.
“MTN Nigeria Communications PLC (MTN Nigeria or the ‘Company’) hereby notifies Nigerian Exchange Limited and the investing public that the Nigerian Communications Commission (NCC) has approved the renewal of its first 800MHz Spectrum band licence (Channel 1) for an additional ten years, effective from 1 January 2025 to 31 December 2034,” the statement partly read.
The purpose of the spectrum license harmonization is to make future renewals easier.
Commenting on the development, MTN Nigeria Chief Executive Officer, Karl Toriola, said,
“We are pleased with the successful renewal and harmonisation of our 800 MHz spectrum licenses, which lay a solid foundation for the ongoing delivery of 4G services to our customers.
This enables us to continue to meet the demand for data and is integral to our broader strategy for enhancing connectivity.”
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MTN share price surges
Henzodaily.ng reported that the share price of MTN Nigeria Communications Plc has increased significantly to gain over N482 billion.
According to data from the Nigerian exchange, the telecommunication company’s share price rose by N23.3 to close at N256.3.
Consequently, its company’s capitalization rose from N4.89 trillion to N5.38 trillion at the close of trade on monday, January 20th 2024.
The development came as the Nigerian Communications Commission (NCC) approved a 50% hike in phone calls, data, and SMS services, effective immediately.
With the new tariff increase, MTN, GLO, Airtel, and 9mobile are now expected to charge a minimum of N9.6 per minute for calls, up from N6.40, while the maximum permissible call charge will be capped at N50.
Additionally, SMS costs will increase to N6 from N4, and the price of 1GB of data will rise to N525 from N350.
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Subscribers reject proposal for telecom tariff hikes
Henzodaily.ng reported that Nigerian subscribers have opposed the proposed 30-60% hike in data and call tariffs, as proposed by the Honourable Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani.
The subscribers, speaking under the aegis of the Association of Telephone, Cable TV, and Internet Subscribers of Nigeria (ATCIS-Nigeria), stated that the minister’s move to propose a rate for the hike contradicts the earlier agreements reached at the meeting held at the Nigerian Communications Commission (NCC) headquarters in Abuja on January 9, 2025.
The body, which represents over 220 million Nigerian subscribers, insisted that Minister Tijani does not have the power to set prices independently in a liberalised market.
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Source: Henzodaily.ng