MTN Nigeria Renews Spectrum Lease Agreement with NTEL
MTN Nigeria Communications Plc has renewed its spectrum lease agreement with Natcom Development and Investment Limited NTEL, according to an official statement.
As part of the disclosure requirement for listed companies, the telecom told the Nigerian Exchange that the Nigerian Communications Commission (NCC) has approved the renewal of the spectrum lease agreement between MTN Nigeria and NTEL.
MTN said the agreement covers the lease of NTEL’s 5MHz frequency division duplex (FDD) in the 900MHz spectrum band and 10MHz FDD in the 1800MHz spectrum band, which spans 19 states.
The telecom company further stated that the renewal is for another two-year period, effective 1 May 2025. Additionally, the NCC has approved a one-year lease expansion of the spectrums, covering the remaining 17 states and the Federal Capital Territory (FCT), effective 1 January 2025.
Commenting on the transactions, MTN Nigeria CEO Karl Toriola said: “We are pleased with the renewal of the spectrum lease agreement with NTEL, which now includes coverage for all states, including the FCT.
“The lease enables us to enhance our 3G and 4G user experience as we improve coverage and capacity by utilising the spectrums. This positions us to capitalise on the growing demand for data and improve the delivery of services to our customers. Equities Investors Gain N1.06T as Financial Stocks Rally
