One of Africa’s biggest telecommunications providers, Airtel Africa Plc (NSE ticker: AIRTELAFRI), on Thursday 28th January 2021, announced that its application to renew its spectrum licenses for its Nigerian subsidiary, Airtel Networks Limited has been approved by the Nigerian Communications Commission.
The approval was for the renewal of the spectrum licenses in the 900MHz and 1800Mhz bands, which were otherwise due to expire on 30 November 2021.
Following the application, the NCC subsequently offered Airtel Nigeria the opportunity to renew its spectrum licenses in the 900MHz and 1800MHz bands for a period of ten years with effect from 1 December 2021 until 30 November 2031, which Airtel Nigeria has accepted.
Under the terms of the spectrum licenses Airtel Nigeria has paid 71.611 billion naira ($189 million) in respect of the license renewal fees.
Commenting on the approval, Raghunath Mandava, CEO of Airtel Africa stated, “I am pleased to announce that our application in Nigeria to renew our spectrum licenses in the 900MHz and 1800MHz bands for a ten-year period has been approved by the NCC. This is our largest market, and we remain focused on bridging the digital divide and expanding our broadband capability in the country. On behalf of Airtel Nigeria and the Group, I would like to thank both the government of Nigeria and the NCC for their cooperation and support in this important process.
“On behalf of Airtel Nigeria and the Group, I would like to thank both the Federal Government of Nigeria and the NCC for their cooperation and support in this important process” he said.
About Airtel Africa Plc
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.
Airtel Africa offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally.
The Group aims to continue providing a simple and intuitive customer experience through streamlined customer journeys.
Airtel Africa Plc was listed on the Nigerian Stock Exchange on July 9th, 2019 and has 3.758 billion outstanding shares.
With a market capitalization of N3.495 trillion, it is the 3rd most capitalized company on the Nigerian Stock Exchange, behind Dangote Cement Plc (N4.02 trillion) and MTN Nigeria Telecommunications Plc (N3.56 trillion).
The price of AIRTELAFRI shares at the close of trading on Thursday was N930.00, the share price is up by 211.14% over the past 1 year.
By; Authentic Mike
