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(Alliance News) - Airtel Africa PLC on Thursday said its application for renewal of the spectrum licences in the 900 and 1,800 megahertz bands for its Nigerian subsidiary Airtel Networks Ltd has been approved by the Nigerian Communications Commission.
Shares in the FTSE 250 Africa-focused telecommunications services provider were down 5.5% at 75.60 pence on Thursday in London.
The NCC has offered Airtel the opportunity to renew its spectrum licences in both bands for ten years with effect from December 1, 2021 to November 30, 2031, which the company has accepted.
The licences were initially set to expire at the end of November 2021.
Airtel has paid NGN71.61 billion, around USD189 million in licence renewal fees.
"I am pleased to announce that our application in Nigeria to renew our spectrum licences in the 900MHz and 1,800MHz 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," said Chief Executive Officer Raghunath Mandava.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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